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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.80 410.00 Td (\(Exact name of Registrant as specified in its charter\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 399.5 m 274.25 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.25 399.5 m 334.25 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.25 399.5 m 364.25 399.5 l s BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.80 376.23 Td (Delawar) Tj ET Q q 0 0 0 rg BT 189.81 376.23 Td (e) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 376.76 Td (? Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 376.23 Td (01-0609375) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 117.90 363.90 Td (\(State or) Tj ET Q q 0 0 0 rg BT 150.97 363.90 Td ( other) Tj ET Q q 0 0 0 rg BT 173.55 363.90 Td ( jurisdiction of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 115.30 354.90 Td (incorporation or) Tj ET Q q 0 0 0 rg BT 178.88 354.90 Td ( organization\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 354.96 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.55 363.90 Td (\(I.R.S. Employer) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.75 354.90 Td (Identification No.\)) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.35 331.23 Td (2905 Pr) Tj ET Q q 0 0 0 rg BT 123.22 331.23 Td (emier) Tj ET Q q 0 0 0 rg BT 147.46 331.23 Td (e Parkway) Tj ET Q q 0 0 0 rg BT 192.18 331.23 Td (, NW) Tj ET Q q 0 0 0 rg BT 213.48 331.23 Td (, Suite 300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.25 321.23 Td (Duluth, Georgia) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 321.96 Td (? Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 322.18 Td (30097) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.80 308.90 Td (\(Curr) Tj ET Q q 0 0 0 rg BT 106.21 308.90 Td (ent addr) Tj ET Q q 0 0 0 rg BT 138.80 308.90 Td (ess of principal executive offices\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.00 308.76 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.10 308.90 Td (\(Zip Code\)) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 287.00 Td (\(770\) 418-8200) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.20 276.20 Td (\(Registrant's telephone number) Tj ET Q q 0 0 0 rg BT 323.87 276.20 Td (, including ar) Tj ET Q q 0 0 0 rg BT 374.96 276.20 Td (ea code\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.25 261.70000000000005 m 274.25 261.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.25 261.70000000000005 m 334.25 261.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.25 261.70000000000005 m 364.25 261.70000000000005 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.70 250.20 Td (Securities r) Tj ET Q q 0 0 0 rg BT 231.11 250.20 Td (egister) Tj ET Q q 0 0 0 rg BT 259.25 250.20 Td (ed pursuant to Section?2\(b\) of the ) Tj ET Q q 0 0 0 rg BT 408.42 250.20 Td (Act:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.95 231.10 Td (T) Tj ET Q q 0 0 0 rg BT 146.87 231.10 Td (itle of each class) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.75 230.96 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.15 231.10 Td (Name of each exchange on which r) Tj ET Q q 0 0 0 rg BT 481.97 231.10 Td (egister) Tj ET Q q 0 0 0 rg BT 507.29 231.10 Td (ed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.05 217.43 Td (Common Stock, par) Tj ET Q q 0 0 0 rg BT 173.79 217.43 Td ( value $.01 per) Tj ET Q q 0 0 0 rg BT 235.83 217.43 Td ( shar) Tj ET Q q 0 0 0 rg BT 257.04 217.43 Td (e) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.75 217.96 Td (? Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.40 217.43 Td (New ) Tj ET Q q 0 0 0 rg BT 397.41 217.43 Td (Y) Tj ET Q q 0 0 0 rg BT 403.52 217.43 Td (ork Stock Exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.00 202.20 Td (Securities r) Tj ET Q q 0 0 0 rg BT 231.41 202.20 Td (egister) Tj ET Q q 0 0 0 rg BT 259.55 202.20 Td (ed pursuant to Section?2\(g\) of the ) Tj ET Q q 0 0 0 rg BT 408.16 202.20 Td (Act:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.35 190.20 Td (None.) 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Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.07 164.20 Td (No ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 529.32 162.26 cm /I4 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 144.40 Td (Indicate by check mark if the registrant is not required to file reports pursuant to Section?3 or Section?5\(d\) of the ) Tj ET Q q 0 0 0 rg BT 475.38 144.40 Td (Act. ) Tj ET Q q 0 0 0 rg BT 492.54 144.40 Td (Y) Tj ET Q q 0 0 0 rg BT 498.14 144.40 Td (es ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 507.89 142.46 cm /I5 Do Q /GS0 gs q 9.00 0 0 9.18 515.91 142.46 cm /I6 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.91 144.40 Td (No ) Tj ET Q /GS0 gs q 9.54 0 0 9.18 538.16 142.46 cm /I7 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 124.60 Td (Indicate by check mark whether the registrant \(1\) has filed all reports required to be filed by Section?3 or 15\(d\) of the Securities Exchange ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 113.80 Td (Act of 1934 during the preceding 12 months \(or for such shorter period that the registrant was required to file such reports\), and \(2\) has been ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 103.00 Td (subject to such filing requirements for the past 90 days.? Tj ET Q q 0 0 0 rg BT 248.37 103.00 Td (Y) Tj ET Q q 0 0 0 rg BT 253.97 103.00 Td (es ) Tj ET Q /GS0 gs q 9.54 0 0 9.18 263.72 101.06 cm /I8 Do Q /GS0 gs q 9.00 0 0 9.18 273.26 101.06 cm /I9 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.26 103.00 Td (No ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 295.51 101.06 cm /I10 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 83.20 Td (Indicate by check mark whether the registrant has submitted electronically and posted on its website, if any) Tj ET Q q 0 0 0 rg BT 446.04 83.20 Td (, every Interactive Data File ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 72.40 Td (required to be submitted and posted pursuant to Rule 405 of Regulation S-T) Tj ET Q q 0 0 0 rg BT 320.29 72.40 Td ( \(?232.405 of this chapter\) during the preceding 12 months \(or for ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 61.60 Td (such shorter period that the registrant was required to submit and post such files\). ) Tj ET Q q 0 0 0 rg BT 341.85 61.60 Td (Y) Tj ET Q q 0 0 0 rg BT 347.45 61.60 Td (es ) Tj ET Q /GS0 gs q 9.54 0 0 9.18 357.19 59.66 cm /I11 Do Q /GS0 gs q 9.00 0 0 9.18 366.73 59.66 cm /I12 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.73 61.60 Td (No ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 388.98 59.66 cm /I13 Do Q endstream endobj 5 0 obj <>] /Rotate 0 /Contents 6 0 R>> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 745.30 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item?05 of Regulation S-K is not contained herein, and will not be ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 734.50 Td (contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 723.70 Td (Form?0-K or any amendment to this Form?0-K. ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 227.98 721.76 cm /I14 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 236.00 723.70 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 703.90 Td (Indicate by check mark whether the registrant is a lar) Tj ET Q q 0 0 0 rg BT 251.50 703.90 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 319.59 703.90 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 392.17 703.90 Td (, a non-accelerated filer or a smaller reporting ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 693.10 Td (company \(as defined in Rule?2b-2 of the ) Tj ET Q q 0 0 0 rg BT 198.46 693.10 Td (Act\).) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 673.86 Td (Lar) Tj ET Q q 0 0 0 rg BT 62.41 673.86 Td (ge? Tj ET Q q 0 0 0 rg BT 72.82 673.86 Td (Accelerated Filer) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 170.00 673.86 Td (? Tj ET Q /GS0 gs q 9.54 0 0 8.78 190.00 671.32 cm /I15 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.00 673.86 Td (Accelerated filer) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.00 673.86 Td (? Tj ET Q /GS0 gs q 8.02 0 0 8.78 542.00 671.32 cm /I16 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 657.86 Td (Non-Accelerated Filer) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 170.00 657.86 Td (? Tj ET Q /GS0 gs q 8.02 0 0 8.78 190.00 655.32 cm /I17 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.00 657.86 Td (Smaller reporting company) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.00 657.86 Td (? Tj ET Q /GS0 gs q 8.02 0 0 8.78 542.00 655.32 cm /I18 Do Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 635.30 Td (Indicate by check mark whether registrant is a shell company \(as defined in Rule?2b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 437.37 635.30 Td (Act\). ) Tj ET Q q 0 0 0 rg BT 457.53 635.30 Td (Y) Tj ET Q q 0 0 0 rg BT 463.13 635.30 Td (es ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 472.87 633.36 cm /I19 Do Q /GS0 gs q 9.00 0 0 9.18 480.89 633.36 cm /I20 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.89 635.30 Td (No ) Tj ET Q /GS0 gs q 9.54 0 0 9.18 503.14 633.36 cm /I21 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 615.50 Td (Based on the closing price of the registrant's common stock as of June 30, 2017, the aggregate market value of the common stock held by ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 604.70 Td (non-af) Tj ET Q q 0 0 0 rg BT 70.33 604.70 Td (filiates of the registrant was $1.16 billion \(based upon the assumption, solely for purposes of this computation, that all of the of) Tj ET Q q 0 0 0 rg BT 528.08 604.70 Td (ficers ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 593.90 Td (and directors of the registrant were af) Tj ET Q q 0 0 0 rg BT 181.78 593.90 Td (filiates of the registrant\).) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 574.10 Td (Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date: ) Tj ET Q q 0 0 0 rg BT 515.80 574.10 Td (The number ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 563.30 Td (of shares of common stock outstanding as of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 209.97 563.30 Td (February?6, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.21 563.30 Td ( was 20,913,251.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 214.75 543.50 Td (DOCUMENTS INCORPORA) Tj ET Q q 0 0 0 rg BT 324.02 543.50 Td (TED BY) Tj ET Q q 0 0 0 rg BT 355.93 543.50 Td ( REFERENCE) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 523.70 Td (List hereunder the following documents if incorporated by reference and the Part of the Form?0-K into which the document is ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 512.90 Td (incorporated:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 493.10 Td (Portions of the registrant's definitive Proxy Statement for the 2018 ) Tj ET Q q 0 0 0 rg BT 301.58 493.10 Td (Annual Meeting of Stockholders, to be filed within 120 days after the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 482.30 Td (end of the registrant's fiscal year) Tj ET Q q 0 0 0 rg BT 163.46 482.30 Td (, are incorporated by reference into Part III, Items 10 through 14 of this ) Tj ET Q q 0 0 0 rg BT 421.88 482.30 Td (Annual Report on Form?0-K.) 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BT 532.50 616.92 Td (24) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 532.5 600.5833984375 m 542.5 600.5833984375 l s q 0 0 1 rg BT 532.50 601.92 Td (24) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 532.5 585.5833984375 m 542.5 585.5833984375 l s q 0 0 1 rg BT 532.50 586.92 Td (24) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 532.5 570.5833984375 m 542.5 570.5833984375 l s q 0 0 1 rg BT 532.50 571.92 Td (25) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 532.5 533.4833984375 m 542.5 533.4833984375 l s q 0 0 1 rg BT 532.50 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BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 532.5 364.5833984375 m 542.5 364.5833984375 l s q 0 0 1 rg BT 532.50 365.92 Td (91) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 532.5 349.5833984375 m 542.5 349.5833984375 l s q 0 0 1 rg BT 532.50 350.92 Td (91) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 532.5 334.5833984375 m 542.5 334.5833984375 l s q 0 0 1 rg BT 532.50 335.92 Td (91) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 532.5 319.5833984375 m 542.5 319.5833984375 l s q 0 0 1 rg BT 532.50 320.92 Td (91) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 532.5 281.5833984375 m 542.5 281.5833984375 l s q 0 0 1 rg BT 532.50 282.92 Td (92) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 532.5 266.5833984375 m 542.5 266.5833984375 l s q 0 0 1 rg BT 532.50 267.92 Td (95) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 9 0 obj <>] /Rotate 0 /Contents 10 0 R>> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 29.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.55 744.75 Td (P) Tj ET Q q 0 0 0 rg BT 293.92 744.75 Td (AR) Tj ET Q q 0 0 0 rg BT 308.01 744.75 Td (T) Tj ET Q q 0 0 0 rg BT 314.50 744.75 Td ( I. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.30 723.75 Td (Forward-Looking Information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 702.75 Td (Certain of the discussions and information included or incorporated by reference in this report may constitute "forward-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 690.75 Td (looking statements" within the meaning of the federal securities laws. Forward-looking statements are statements that are not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (historical in nature and may include statements relating to our goals, plans and projections regarding industry and general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 666.75 Td (economic trends, our expected financial position, results of operations or market position and our business strategy) Tj ET Q q 0 0 0 rg BT 508.46 666.75 Td (. Such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 654.75 Td (statements can generally be identified by words such as "may) Tj ET Q q 0 0 0 rg BT 294.80 654.75 Td (," "tar) Tj ET Q q 0 0 0 rg BT 318.33 654.75 Td (get," "could," "would," "will," "should," "believe," "expect," ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 642.75 Td ("anticipate," "plan," "intend," "foresee," and other similar words or phrases. Forward-looking statements may also relate to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 630.75 Td (expectations and assumptions with respect to, among other things:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 606.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 606.75 Td (our ability to execute our business strategy;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 585.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 585.75 Td (the seasonally adjusted annual rate \("SAAR"\) of new vehicle sales in the U.S.;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 564.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 564.75 Td (our ability to further improve our operating cash flows, and the availability of capital and liquidity;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 543.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 543.75 Td (our estimated future capital expenditures;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 522.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 522.75 Td (general economic conditions and its impact on our revenues and expenses;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 501.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 501.75 Td (our parts and service revenue due to, among other things, improvements in manufacturing quality;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 480.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 480.75 Td (the variable nature of significant components of our cost structure;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 459.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 459.75 Td (our ability to limit our exposure to regional economic downturns due to our geographic diversity and brand mix;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 438.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 438.75 Td (manufacturers' willingness to continue to use incentive programs to drive demand for their product of) Tj ET Q q 0 0 0 rg BT 491.45 438.75 Td (ferings;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 417.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 417.75 Td (our ability to leverage our common systems, infrastructure and processes in a cost-ef) Tj ET Q q 0 0 0 rg BT 424.38 417.75 Td (ficient manner;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 396.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 396.75 Td (our capital allocation strategy) Tj ET Q q 0 0 0 rg BT 203.42 396.75 Td (, including as it relates to acquisitions and divestitures, stock repurchases, dividends and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 384.75 Td (capital expenditures;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 363.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 363.75 Td (the continued availability of financing, including floor plan financing for inventory;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 342.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 342.75 Td (the ability of consumers to secure vehicle financing at favorable rates;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 321.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 321.75 Td (the growth of import and luxury brands over the long-term;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 300.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 300.75 Td (our ability to mitigate any future negative trends in new vehicle sales; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 279.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 279.75 Td (our ability to increase our cash flow and net income as a result of the foregoing and other factors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 258.75 Td (Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 246.75 Td (future results, performance or achievements to be materially dif) Tj ET Q q 0 0 0 rg BT 303.94 246.75 Td (ferent from any future results, performance, or achievements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 234.75 Td (expressed or implied by the forward-looking statements. Such factors include, but are not limited to:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 210.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 210.75 Td (changes in general economic and business conditions, including changes in employment levels, consumer demand, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 198.75 Td (preferences and confidence levels, the availability and cost of credit, fuel prices, levels of discretionary personal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 186.75 Td (income and interest rates;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 165.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 165.75 Td (our ability to execute our balanced automotive retailing and service business strategy;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 144.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 144.75 Td (adverse conditions af) Tj ET Q q 0 0 0 rg BT 170.29 144.75 Td (fecting the vehicle manufactures whose brands we sell, and their ability to design, manufacture, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 132.75 Td (deliver) Tj ET Q q 0 0 0 rg BT 112.86 132.75 Td (, and market their vehicles successfully;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 111.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 111.75 Td (changes in the mix, and total number) Tj ET Q q 0 0 0 rg BT 233.12 111.75 Td (, of vehicles we are able to sell;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 90.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 90.75 Td (our outstanding indebtedness and our continued ability to comply with applicable covenants in our various financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 78.75 Td (and lease agreements, or to obtain waivers of these covenants as necessary;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 57.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 57.75 Td (high levels of competition in our industry) Tj ET Q q 0 0 0 rg BT 250.94 57.75 Td (, which may create pricing and mar) Tj ET Q q 0 0 0 rg BT 392.09 57.75 Td (gin pressures on our products and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 45.75 Td (services;) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 29.10 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 744.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 744.60 Td (our relationships with manufacturers of the vehicles we sell and our ability to renew) Tj ET Q q 0 0 0 rg BT 421.14 744.60 Td (, and enter into new framework ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 732.60 Td (and dealer agreements with vehicle manufacturers whose brands we sell, on terms acceptable to us;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 711.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 711.60 Td (the availability of manufacturer incentive programs and our ability to earn these incentives;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 690.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 690.60 Td (failure of our management information systems or any security breaches;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 669.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 669.60 Td (changes in laws and regulations governing the operation of automobile franchises, including trade restrictions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 657.60 Td (consumer protections, accounting standards, taxation requirements, and environmental laws;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 636.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 636.60 Td (adverse results from litigation or other similar proceedings involving us;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 615.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 615.60 Td (our ability to generate suf) Tj ET Q q 0 0 0 rg BT 188.06 615.60 Td (ficient cash flows, maintain our liquidity and obtain any necessary additional funds for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 603.60 Td (working capital, capital expenditures, acquisitions, stock repurchases and/or dividends, debt maturity payments, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 591.60 Td (other corporate purposes;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 570.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 570.60 Td (any disruptions in the financial markets, which may impact our ability to access capital;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 549.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 549.60 Td (our relationships with, and the financial stability of, our lenders and lessors;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 528.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 528.60 Td (significant disruptions in the production and delivery of vehicles and parts for any reason, including natural disasters, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 516.60 Td (product recalls, work stoppages, significant property loss or other occurrences that are outside of our control;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 495.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 495.60 Td (our ability to execute our initiatives and other strategies; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 474.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 474.60 Td (our ability to leverage gains from our dealership portfolio.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 453.60 Td (Many of these factors are beyond our ability to control or predict, and their ultimate impact could be material. Moreover) Tj ET Q q 0 0 0 rg BT 545.33 453.60 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 441.60 Td (the factors set forth under "Item 1A. Risk Factors" and "Item 7. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 428.75 441.60 Td (Analysis of Financial Condition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 429.60 Td (and Results of Operations" below and other cautionary statements made in this report should be read and considered as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 417.60 Td (forward-looking statements subject to such uncertainties. ) Tj ET Q q 0 0 0 rg BT 280.09 417.60 Td (W) Tj ET Q q 0 0 0 rg BT 288.73 417.60 Td (e ur) Tj ET Q q 0 0 0 rg BT 303.82 417.60 Td (ge you to carefully consider those factors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 396.60 Td (Forward-looking statements speak only as of the date of this report. ) Tj ET Q q 0 0 0 rg BT 337.03 396.60 Td (W) Tj ET Q q 0 0 0 rg BT 345.67 396.60 Td (e expressly disclaim any obligation to update any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 384.60 Td (forward-looking statement contained herein.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 363.60 Td (Additional Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 342.60 Td (Our annual reports on Form?0-K, quarterly reports on Form?0-Q, current reports on Form?-K, and any amendments to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 330.60 Td (such reports filed pursuant to Section?3\(a\) or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 368.58 330.60 Td (Act of 1934, are made available free of char) Tj ET Q q 0 0 0 rg BT 544.69 330.60 Td (ge ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 318.60 Td (on our website at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.59 318.60 Td (http://www) Tj ET Q q 0 0 0 rg BT 164.30 318.60 Td (.asburyauto.com) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.96 318.60 Td ( as soon as practical after such reports are filed with the U.S. Securities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 306.60 Td (Exchange Commission \(the "Commission"\). In addition, the proxy statement that will be delivered to our stockholders in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 294.60 Td (connection with our 2017 ) Tj ET Q q 0 0 0 rg BT 153.93 294.60 Td (Annual Meeting of Stockholders, when filed, will also be available on our website, and at the URL) Tj ET Q q 0 0 0 rg BT 549.29 294.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 282.60 Td (stated in such proxy statement. ) Tj ET Q q 0 0 0 rg BT 175.40 282.60 Td (W) Tj ET Q q 0 0 0 rg BT 184.04 282.60 Td (e also make available on our website copies of our certificate of incorporation, bylaws, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 270.60 Td (other materials that outline our corporate governance policies and practices, including:) Tj ET Q BT /F2 5.00 Tf ET q 0 0 0 rg BT 49.50 264.60 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 252.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 252.60 Td (the respective charters of our audit committee, governance and nominating committee, compensation and human ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 240.60 Td (resources committee, and risk management committee;) Tj ET Q BT /F2 5.00 Tf ET q 0 0 0 rg BT 49.50 234.60 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 222.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 222.60 Td (our criteria for independence of the members of our board of directors, audit committee, and compensation and human ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 210.60 Td (resources committee;) Tj ET Q BT /F2 5.00 Tf ET q 0 0 0 rg BT 49.50 204.60 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 192.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 192.60 Td (our Corporate Governance Guidelines; and) Tj ET Q BT /F2 5.00 Tf ET q 0 0 0 rg BT 49.50 186.60 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 174.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 174.60 Td (our Code of Business Conduct and Ethics for Directors, Of) Tj ET Q q 0 0 0 rg BT 321.39 174.60 Td (ficers, and Employees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 153.60 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 153.60 Td (e intend to provide any information required by Item?.05 of Form 8-K \(relating to amendments or waivers of our Code of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 141.60 Td (Business Conduct and Ethics for Directors, Of) Tj ET Q q 0 0 0 rg BT 235.12 141.60 Td (ficers, and Employees\) by disclosure on our website.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 120.60 Td (Y) Tj ET Q q 0 0 0 rg BT 70.72 120.60 Td (ou may also obtain a printed copy of the foregoing materials by sending a written request to: Investor Relations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 108.60 Td (Department, ) Tj ET Q q 0 0 0 rg BT 101.15 108.60 Td (Asbury ) Tj ET Q q 0 0 0 rg BT 132.54 108.60 Td (Automotive Group, Inc., 2905 Premiere Parkway) Tj ET Q q 0 0 0 rg BT 329.07 108.60 Td (, NW) Tj ET Q q 0 0 0 rg BT 349.81 108.60 Td (, Suite 300, Duluth, Geor) Tj ET Q q 0 0 0 rg BT 450.46 108.60 Td (gia 30097. In addition, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 96.60 Td (Commission makes available on its website, free of char) Tj ET Q q 0 0 0 rg BT 275.09 96.60 Td (ge, reports, proxy and information statements, and other information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 84.60 Td (regarding issuers, such as us, that file electronically with the Commission. ) Tj ET Q q 0 0 0 rg BT 348.70 84.60 Td (The Commission's website is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.73 84.60 Td (http://www) Tj ET Q q 0 0 0 rg BT 511.44 84.60 Td (.sec.gov) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 84.60 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 72.60 Td (Unless otherwise specified, information contained on our website, available by hyperlink from our website or on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 60.60 Td (Commission's website, is not incorporated into this report or other documents we file with, or furnish to, the Commission.) Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 29.10 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 744.60 Td (Except as the context otherwise requires, "we," "our) Tj ET Q q 0 0 0 rg BT 272.66 744.60 Td (," "us," "Asbury) Tj ET Q q 0 0 0 rg BT 336.68 744.60 Td (," and "the Company" refer to ) Tj ET Q q 0 0 0 rg BT 458.06 744.60 Td (Asbury ) Tj ET Q q 0 0 0 rg BT 489.45 744.60 Td (Automotive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 732.60 Td (Group, Inc. and its subsidiaries.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 714.60 Td (Item 1. BUSINESS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 693.60 Td (Asbury ) Tj ET Q q 0 0 0 rg BT 95.89 693.60 Td (Automotive Group, Inc., a Delaware corporation or) Tj ET Q q 0 0 0 rg BT 301.47 693.60 Td (ganized in 2002, is one of the lar) Tj ET Q q 0 0 0 rg BT 432.37 693.60 Td (gest automotive retailers in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 681.60 Td (United States. Our store operations are conducted by our subsidiaries.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 660.60 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.94 660.60 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.53 660.60 Td (, we owned and operated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.71 660.60 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.71 660.60 Td ( new vehicle franchises, representing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.20 660.60 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.20 660.60 Td ( brands of automobiles at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.79 660.60 Td (80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.79 660.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 648.60 Td (dealership locations, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.14 648.60 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.14 648.60 Td ( collision centers in the United States. Our stores of) Tj ET Q q 0 0 0 rg BT 367.02 648.60 Td (fer an extensive range of automotive products ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 636.60 Td (and services, including new and used vehicles; parts and service, including vehicle repair and maintenance services, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 624.60 Td (replacement parts, and collision repair services; and finance and insurance products, including arranging vehicle financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 612.60 Td (through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection \("GAP"\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 600.60 Td (insurance, prepaid maintenance, and credit life and disability insurance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 579.60 Td (Our operations provide a diverse revenue base that we believe mitigates the impact of fluctuations in new vehicle sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 567.60 Td (volumes and gross profit mar) Tj ET Q q 0 0 0 rg BT 166.52 567.60 Td (gins. In addition, our geographic footprint decreases our exposure to regional economic conditions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 555.60 Td (and our brand diversification decreases our exposure to manufacturer) Tj ET Q q 0 0 0 rg BT 326.41 555.60 Td (-specific risks, such as brand perception or production ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 543.60 Td (disruptions. ) Tj ET Q q 0 0 0 rg BT 98.40 543.60 Td (Approximately 84% of our gross profit is derived from used vehicles, parts and service, and finance and insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 531.60 Td (which historically have been more stable throughout economic cycles.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 510.60 Td (The following charts present the contribution to total revenue and gross profit by each line of business for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 498.60 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.08 498.60 Td (:) Tj ET Q /GS0 gs q 256.00 0 0 213.00 49.50 271.60 cm /I22 Do Q /GS0 gs q 256.00 0 0 213.00 305.50 271.60 cm /I23 Do Q BT /F2 10.00 Tf ET endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 29.10 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 744.60 Td (Our new vehicle franchise retail network is made up of dealerships located in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.33 744.60 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.33 744.60 Td ( metropolitan markets in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.86 744.60 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.86 744.60 Td ( states operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 732.60 Td (primarily under eight locally-branded dealership groups. ) Tj ET Q q 0 0 0 rg BT 277.86 732.60 Td (The following chart provides a detailed breakdown of our markets, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 720.60 Td (brand names, and franchises as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.95 720.60 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.54 720.60 Td (:) Tj ET Q BT /F1 9.00 Tf ET 0 0 0 RG /GS0 gs 0.86 w 0 i [] 0 d 1 J 1 j 3 M 80.95 690.146337890625 m 150.0408203125 690.146337890625 l s q 0 0 0 rg BT 80.95 691.55 Td (Dealership Gr) Tj ET Q q 0 0 0 rg BT 135.61 691.55 Td (oup) Tj ET Q BT /F1 9.00 Tf ET 0 0 0 RG /GS0 gs 0.86 w 0 i [] 0 d 1 J 1 j 3 M 214 690.146337890625 m 242.986328125 690.146337890625 l s q 0 0 0 rg BT 214.00 691.55 Td (Market) Tj ET Q BT /F1 9.00 Tf ET 0 0 0 RG /GS0 gs 0.86 w 0 i [] 0 d 1 J 1 j 3 M 372.75 690.146337890625 m 462.24462890625 690.146337890625 l s q 0 0 0 rg BT 372.75 691.55 Td (Franchise Brand Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 673.67 Td (Coggin? Tj ET Q q 0 0 0 rg BT 84.17 673.67 Td (Automotive Group) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 673.67 Td (Fort Pierce, FL) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 274.50 674.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 673.67 Td (Acura, BMW) Tj ET Q q 0 0 0 rg BT 332.47 673.67 Td (, Honda, Mercedes-Benz) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 658.67 Td (Jacksonville, FL) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 274.50 659.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 658.67 Td (Buick, Chevrolet, Ford, GMC, Honda\(a\), Nissan\(a\), ) Tj ET Q q 0 0 0 rg BT 489.48 658.67 Td (T) Tj ET Q q 0 0 0 rg BT 495.15 658.67 Td (oyota) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 643.67 Td (Orlando, FL) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 274.50 644.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 643.67 Td (Ford, Honda\(a\), Hyundai, Lincoln) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 624.67 Td (Courtesy ) Tj ET Q q 0 0 0 rg BT 90.83 624.67 Td (Autogroup) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 184.50 625.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 624.67 Td (T) Tj ET Q q 0 0 0 rg BT 194.26 624.67 Td (ampa, FL) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 274.50 625.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 624.67 Td (Chrysler) Tj ET Q q 0 0 0 rg BT 312.74 624.67 Td (, Dodge, Honda, Hyundai, Infiniti, Jeep, Kia, Mercedes-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 614.67 Td (Benz, Nissan, smart \(b\), Sprinter) Tj ET Q q 0 0 0 rg BT 409.66 614.67 Td (, ) Tj ET Q q 0 0 0 rg BT 414.37 614.67 Td (T) Tj ET Q q 0 0 0 rg BT 420.04 614.67 Td (oyota) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 595.67 Td (Crown? Tj ET Q q 0 0 0 rg BT 81.95 595.67 Td (Automotive Company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 595.67 Td (Charlottesville, ) Tj ET Q q 0 0 0 rg BT 252.29 595.67 Td (V) Tj ET Q q 0 0 0 rg BT 258.77 595.67 Td (A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 274.50 596.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 595.67 Td (BMW) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 580.67 Td (Durham, NC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 580.67 Td (Honda) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 565.67 Td (Fayetteville, NC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 565.67 Td (Dodge, Ford) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 550.67 Td (Greensboro, NC) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 274.50 551.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 550.67 Td (Acura, BMW) Tj ET Q q 0 0 0 rg BT 332.47 550.67 Td (, Chrysler) Tj ET Q q 0 0 0 rg BT 371.25 550.67 Td (, Dodge, Honda, Jeep, Nissan, ) Tj ET Q q 0 0 0 rg BT 494.27 550.67 Td (V) Tj ET Q q 0 0 0 rg BT 500.76 550.67 Td (olvo) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 535.67 Td (Greenville, SC) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 274.50 536.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 535.67 Td (Jaguar) Tj ET Q q 0 0 0 rg BT 304.40 535.67 Td (, Land Rover) Tj ET Q q 0 0 0 rg BT 356.48 535.67 Td (, Lexus, Nissan, Porsche, ) Tj ET Q q 0 0 0 rg BT 459.51 535.67 Td (T) Tj ET Q q 0 0 0 rg BT 465.18 535.67 Td (oyota, ) Tj ET Q q 0 0 0 rg BT 491.96 535.67 Td (V) Tj ET Q q 0 0 0 rg BT 498.45 535.67 Td (olvo) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 520.67 Td (Richmond, ) Tj ET Q q 0 0 0 rg BT 235.07 520.67 Td (V) Tj ET Q q 0 0 0 rg BT 241.56 520.67 Td (A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 274.50 521.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 520.67 Td (Acura, BMW\(a\), MINI) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 501.67 Td (David McDavid? Tj ET Q q 0 0 0 rg BT 119.43 501.67 Td (Auto Group) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 501.67 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 220.08 501.67 Td (TX) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 274.50 502.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 501.67 Td (Acura) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 486.67 Td (Dallas/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 476.67 Td (Fort? Tj ET Q q 0 0 0 rg BT 207.58 476.67 Td (W) Tj ET Q q 0 0 0 rg BT 216.53 476.67 Td (orth,? Tj ET Q q 0 0 0 rg BT 237.15 476.67 Td (TX) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 274.50 487.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 486.67 Td (Acura, Ford, Honda\(a\), Lincoln) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 461.67 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 227.30 461.67 Td (TX) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 461.67 Td (Nissan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 442.67 Td (Gray-Daniels ) Tj ET Q q 0 0 0 rg BT 108.59 442.67 Td (Auto Family) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 442.67 Td (Jackson, MS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 442.67 Td (Chevrolet, Ford, Lincoln, Nissan\(a\), ) Tj ET Q q 0 0 0 rg BT 426.16 442.67 Td (T) Tj ET Q q 0 0 0 rg BT 431.83 442.67 Td (oyota) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 423.67 Td (Hare ) Tj ET Q q 0 0 0 rg BT 74.15 423.67 Td (Automotive Group) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 423.67 Td (Indianapolis, IN) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 423.67 Td (Chevrolet, Isuzu) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 404.67 Td (Nalley? Tj ET Q q 0 0 0 rg BT 81.38 404.67 Td (Automotive Group) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 184.50 405.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 404.67 Td (Atlanta, GA) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 274.50 405.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 404.67 Td (Acura, ) Tj ET Q q 0 0 0 rg BT 307.65 404.67 Td (Audi, Bentley) Tj ET Q q 0 0 0 rg BT 363.16 404.67 Td (, BMW) Tj ET Q q 0 0 0 rg BT 392.37 404.67 Td (, Ford, Honda, Hyundai, Infiniti\(a\), Kia,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 394.67 Td (Lexus\(a\), Nissan\(a\), ) Tj ET Q q 0 0 0 rg BT 362.27 394.67 Td (T) Tj ET Q q 0 0 0 rg BT 367.94 394.67 Td (oyota\(a\), ) Tj ET Q q 0 0 0 rg BT 405.81 394.67 Td (V) Tj ET Q q 0 0 0 rg BT 412.30 394.67 Td (olkswagen) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 375.67 Td (Plaza Motor Company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 375.67 Td (St. Louis, MO) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 375.67 Td (Audi, BMW) Tj ET Q q 0 0 0 rg BT 327.58 375.67 Td (, Infiniti, Jaguar) Tj ET Q q 0 0 0 rg BT 391.05 375.67 Td (, Land Rover) Tj ET Q q 0 0 0 rg BT 443.14 375.67 Td (, Lexus, Mercedes-Benz\(a\),) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 365.67 Td (smart \(b\), Sprinter\(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 348.60 Td (_____________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 336.60 Td (\(a\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 336.60 Td (This market has two of these franchises.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.60 Td (\(b\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 324.60 Td (Parts and service operations only) Tj ET Q q 0 0 0 rg BT 221.54 324.60 Td (.) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 29.10 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 744.75 Td (Operations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 723.75 Td (New V) Tj ET Q q 0 0 0 rg BT 75.89 723.75 Td (ehicle Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 702.75 Td (The following table reflects the number of franchises we owned as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.40 702.75 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.99 702.75 Td ( and the percentage of new vehicle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 690.75 Td (revenues represented by class and franchise for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.60 690.75 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.19 690.75 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 657.25 344.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 657.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 657.25 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 657.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 657.25 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 630.25 344.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 630.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 630.25 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 630.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 630.25 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 602.25 344.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 602.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 602.25 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 602.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 602.25 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 574.25 344.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 574.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 574.25 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 574.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 574.25 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 546.25 344.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 546.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 546.25 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 546.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 546.25 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 518.25 344.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 518.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 518.25 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 518.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 518.25 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 490.25 344.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 490.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 490.25 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 490.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 490.25 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 462.25 344.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 462.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 462.25 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 462.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 462.25 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 435.25 344.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 435.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 435.25 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 435.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 435.25 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 407.25 344.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 407.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 407.25 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 407.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 407.25 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 379.25 344.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 379.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 379.25 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 379.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 379.25 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 351.25 344.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 351.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 351.25 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 351.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 351.25 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 323.25 344.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 323.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 323.25 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 323.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 323.25 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 295.25 344.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 295.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 295.25 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 295.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 295.25 78.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 268.25 344.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 268.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 268.25 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 268.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 268.25 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 240.25 344.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 240.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 240.25 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 240.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 240.25 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 212.25 344.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 212.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 212.25 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 212.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 212.25 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 184.25 344.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 184.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 184.25 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 184.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 184.25 78.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 657.25 m 393 657.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 657.25 m 480 657.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 657.25 m 562 657.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 476.25 m 480 476.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 476.25 m 562 476.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 309.25 m 480 309.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 309.25 m 562 309.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 184.25 m 480 184.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 184.25 m 562 184.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 170.25 m 480 170.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 157.25 m 480 157.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 155.25 m 480 155.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 170.25 m 562 170.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 157.25 m 562 157.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 155.25 m 562 155.25 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 661.93 Td (Class/Franchise) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.20 670.70 Td (Number) Tj ET Q q 0 0 0 rg BT 449.12 670.70 Td ( of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.35 661.70 Td (Franchises Owned) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 670.70 Td (% of New) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.25 661.70 Td (V) Tj ET Q q 0 0 0 rg BT 494.92 661.70 Td (ehicle Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 647.98 Td (Luxury) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 634.82 Td (Mercedes-Benz) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 634.82 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 634.82 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 634.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 620.82 Td (Lexus) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 620.82 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 620.82 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 606.82 Td (BMW) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 606.82 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 606.82 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 592.82 Td (Acura) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 592.82 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 592.82 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 578.82 Td (Infiniti) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 578.82 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 578.82 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 564.82 Td (Audi) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 564.82 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 564.82 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 550.82 Td (Lincoln) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 550.82 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 550.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 536.82 Td (V) Tj ET Q q 0 0 0 rg BT 58.08 536.82 Td (olvo) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 536.82 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 536.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 522.82 Td (Land Rover) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 522.82 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 522.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 508.82 Td (Jaguar) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 508.82 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 508.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 494.82 Td (Porsche) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 494.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.50 494.82 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 480.82 Td (Bentley) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 480.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.50 480.82 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 466.82 Td (T) Tj ET Q q 0 0 0 rg BT 81.26 466.82 Td (otal Luxury) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 466.82 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 466.82 Td (34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 466.82 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 452.98 Td (Import) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 439.82 Td (Honda) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 439.82 Td (1) Tj ET Q q 0 0 0 rg BT 471.15 439.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 439.82 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 439.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 425.82 Td (T) Tj ET Q q 0 0 0 rg BT 57.26 425.82 Td (oyota) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 425.82 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 425.82 Td (1) Tj ET Q q 0 0 0 rg BT 548.15 425.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 411.82 Td (Nissan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 411.82 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 411.82 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 397.82 Td (Kia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 397.82 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 397.82 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 383.82 Td (Hyundai) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 383.82 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 383.82 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 369.82 Td (V) Tj ET Q q 0 0 0 rg BT 58.08 369.82 Td (olkswagen) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 369.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 369.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 355.82 Td (MINI) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 355.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.50 355.82 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 341.82 Td (smart \(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 341.82 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.50 341.82 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 327.82 Td (Isuzu) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 327.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.50 327.82 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 313.82 Td (Sprinter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 313.82 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.50 313.82 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 299.82 Td (T) Tj ET Q q 0 0 0 rg BT 81.26 299.82 Td (otal Import) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 299.82 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 299.82 Td (46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 299.82 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 285.98 Td (Domestic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 272.82 Td (Ford) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 272.82 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 272.82 Td (1) Tj ET Q q 0 0 0 rg BT 548.15 272.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 272.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 258.82 Td (Chevrolet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 258.82 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 258.82 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 244.82 Td (Dodge) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 244.82 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 244.82 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 230.82 Td (Jeep) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 230.82 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 230.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 216.82 Td (GMC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 216.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 216.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 202.82 Td (Chrysler) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 202.82 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.50 202.82 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 188.82 Td (Buick) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 188.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.50 188.82 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 174.82 Td (T) Tj ET Q q 0 0 0 rg BT 80.91 174.82 Td (otal Domestic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 174.82 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 174.82 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 174.82 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 160.93 Td (T) Tj ET Q q 0 0 0 rg BT 81.25 160.93 Td (otal Franchises) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 160.82 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.15 160.82 Td (100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 160.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 139.75 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 62.92 139.75 Td (T) Tj ET Q q 0 0 0 rg BT 68.33 139.75 Td (wo Franchise agreements pursuant to which we perform parts and service operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 122.75 Td (* Franchise accounted for less than 1% of new vehicle revenues for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.98 122.75 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.56 122.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 101.75 Td (Our new vehicle revenues include new vehicle sales and lease transactions arranged by our dealerships with third-party ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 89.75 Td (financial institutions. ) Tj ET Q q 0 0 0 rg BT 136.25 89.75 Td (W) Tj ET Q q 0 0 0 rg BT 144.89 89.75 Td (e believe that leasing provides a number of benefits to our other business lines, including the historical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 77.75 Td (customer loyalty to the leasing dealership for repairs and maintenance services and the fact that lessors typically give the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 65.75 Td (leasing dealership the first option to purchase the of) Tj ET Q q 0 0 0 rg BT 256.48 65.75 Td (f-lease vehicle. ) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 29.10 Td (9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 744.75 Td (Used V) Tj ET Q q 0 0 0 rg BT 78.11 744.75 Td (ehicle Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 723.75 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 723.75 Td (e sell used vehicles at all of our franchised dealership locations. Used vehicle sales include the sale of used vehicles to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 711.75 Td (individual retail customers \("used retail"\) and the sale of used vehicles to other dealers at auction \("wholesale"\) \(the terms "used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 699.75 Td (retail" and "wholesale" collectively referred to as "used"\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 678.75 Td (Gross profit from the sale of used vehicles depends primarily on our dealerships' ability to obtain a high quality supply of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 666.75 Td (used vehicles and our use of technology to manage our inventory) Tj ET Q q 0 0 0 rg BT 309.33 666.75 Td (. Our new vehicle operations typically provide our used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 654.75 Td (vehicle operations with a lar) Tj ET Q q 0 0 0 rg BT 162.61 654.75 Td (ge supply of trade-ins and of) Tj ET Q q 0 0 0 rg BT 277.12 654.75 Td (f-lease vehicles, which we believe are good sources of high quality ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 642.75 Td (used vehicles. ) Tj ET Q q 0 0 0 rg BT 107.91 642.75 Td (W) Tj ET Q q 0 0 0 rg BT 116.55 642.75 Td (e also purchase a portion of our used vehicle inventory at "open" auctions and auctions restricted to new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 630.75 Td (vehicle dealers. ) Tj ET Q q 0 0 0 rg BT 113.64 630.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 163.54 630.75 Td (, our used vehicle sales benefit from our ability to sell certified pre-owned vehicles from our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 618.75 Td (franchised dealerships.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 597.75 Td (Parts and Service) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 576.75 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 576.75 Td (e provide vehicle repair and maintenance services, sell replacement parts, and recondition used vehicles at all of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (dealerships. In addition, we provide collision repair services at our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.31 564.75 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.31 564.75 Td ( free-standing collision repair centers that we operate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (either on the premises of, or in close proximity to, our dealerships. Historically) Tj ET Q q 0 0 0 rg BT 364.61 552.75 Td (, parts and service revenues have been more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (stable than those from vehicle sales. Industry-wide, parts and service revenues have consistently increased over time primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 528.75 Td (due to the increased cost of maintaining vehicles, the added technical complexity of vehicles, and the increasing number of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 516.75 Td (vehicles on the road. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 495.75 Td (The automotive parts and service industry tends to be highly fragmented, with franchised dealerships and independent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 483.75 Td (repair shops competing for this business. ) Tj ET Q q 0 0 0 rg BT 215.13 483.75 Td (W) Tj ET Q q 0 0 0 rg BT 223.77 483.75 Td (e believe, however) Tj ET Q q 0 0 0 rg BT 298.61 483.75 Td (, that the increased use of advanced technology in vehicles is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 471.75 Td (making it dif) Tj ET Q q 0 0 0 rg BT 100.98 471.75 Td (ficult for independent repair shops to compete ef) Tj ET Q q 0 0 0 rg BT 295.45 471.75 Td (fectively with franchised dealerships as they may not be able to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 459.75 Td (make the investment necessary to perform major or technical repairs. In an ef) Tj ET Q q 0 0 0 rg BT 358.91 459.75 Td (fort to maintain the necessary knowledge to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 447.75 Td (service vehicles and further develop our technician staf) Tj ET Q q 0 0 0 rg BT 270.06 447.75 Td (f, we focus on our internal and manufacturer specific training and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 435.75 Td (development programs for new and existing technicians. ) Tj ET Q q 0 0 0 rg BT 278.14 435.75 Td (W) Tj ET Q q 0 0 0 rg BT 286.78 435.75 Td (e believe our parts and service business is also well-positioned to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 423.75 Td (benefit from the service work potentially generated through the sale of extended service contracts to customers who purchase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 411.75 Td (new and used vehicles from us, as historically these customers tend to have their vehicles serviced at the location where they ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 399.75 Td (purchased the extended service contract. In addition, our franchised dealerships benefit from manufacturer policies requiring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 387.75 Td (that warranty and recall related repairs be performed at a franchised dealership. ) Tj ET Q q 0 0 0 rg BT 368.88 387.75 Td (W) Tj ET Q q 0 0 0 rg BT 377.52 387.75 Td (e believe that our collision repair centers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 375.75 Td (provide us with an attractive opportunity to grow our business due to the high mar) Tj ET Q q 0 0 0 rg BT 378.15 375.75 Td (gins provided by collision repair services and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (the fact that we are able to source original equipment manufacturer parts from our franchised dealerships. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 342.75 Td (Finance and Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 321.75 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 321.75 Td (e of) Tj ET Q q 0 0 0 rg BT 88.23 321.75 Td (fer a wide variety of automotive finance and insurance \("F&I"\) products to our customers. ) Tj ET Q q 0 0 0 rg BT 451.37 321.75 Td (W) Tj ET Q q 0 0 0 rg BT 460.01 321.75 Td (e arrange third-party ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 309.75 Td (financing for the sale or lease of vehicles to our customers in exchange for a fee paid to us by the third-party financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 297.75 Td (institution. ) Tj ET Q q 0 0 0 rg BT 94.88 297.75 Td (W) Tj ET Q q 0 0 0 rg BT 103.52 297.75 Td (e do not directly finance our customers' vehicle purchases or leases, therefore our exposure to losses in connection ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 285.75 Td (with those third-party financing arrangements is limited generally to the fees that we receive. ) Tj ET Q q 0 0 0 rg BT 423.91 285.75 Td (The fees we receive are subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 273.75 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 273.75 Td (geback, or repayment, to the finance company if a customer defaults or prepays the retail installment contract typically ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 261.75 Td (during some limited time period at the beginning of the contract term. ) Tj ET Q q 0 0 0 rg BT 331.19 261.75 Td (W) Tj ET Q q 0 0 0 rg BT 339.83 261.75 Td (e have negotiated agreements with certain lenders ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 249.75 Td (pursuant to which we receive additional fees upon reaching a certain volume of business. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 228.75 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 228.75 Td (e of) Tj ET Q q 0 0 0 rg BT 88.23 228.75 Td (fer our customers a variety of vehicle protection products in connection with the purchase of vehicles. ) Tj ET Q q 0 0 0 rg BT 498.18 228.75 Td (These products ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 216.75 Td (are underwritten and administered by independent third-parties. Under our arrangements with the providers of these products, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 204.75 Td (we primarily sell the products on a straight commission basis. ) Tj ET Q q 0 0 0 rg BT 299.00 204.75 Td (W) Tj ET Q q 0 0 0 rg BT 307.64 204.75 Td (e are subject to char) Tj ET Q q 0 0 0 rg BT 387.42 204.75 Td (gebacks for insurance contracts as a result ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 192.75 Td (of early termination, default, or prepayment of the contract. In addition, we participate in future profits associated with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 180.75 Td (performance of the third-party held underlying portfolio for certain products pursuant to retrospective commission ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 168.75 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 108.18 168.75 Td (The following is a brief description of some of the vehicle protection products we of) Tj ET Q q 0 0 0 rg BT 445.68 168.75 Td (fer to our customers:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 147.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 147.75 Td (Extended service contracts ?covers certain repair work after the expiration of the manufacturer warranty;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 126.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 126.75 Td (GAP) Tj ET Q q 0 0 0 rg BT 105.13 126.75 Td ( debt cancellation ?covers the customer after a total loss for the dif) Tj ET Q q 0 0 0 rg BT 374.02 126.75 Td (ference between the value of the vehicle and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 114.75 Td (the outstanding loan or lease obligation after insurance proceeds;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 93.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 93.75 Td (Prepaid maintenance ?covers certain routine maintenance work, such as oil changes, cleaning and adjusting of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 81.75 Td (brakes, multi-point vehicle inspections, and tire rotations; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 60.75 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 60.75 Td (Credit life and disability ?covers the remaining amounts due on an auto loan or a lease in the event of death or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 48.75 Td (disability) Tj ET Q q 0 0 0 rg BT 122.07 48.75 Td (.) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 744.75 Td (Recent Developments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 723.75 Td (In January 2018, we acquired the assets of one franchise \(one dealership location\) in the Indianapolis, Indiana market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 702.75 Td (Business Strategy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 681.75 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 681.75 Td (e seek to create long-term value for our stockholders by striving to drive operational excellence and deploy capital to its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 669.75 Td (highest returns. ) Tj ET Q q 0 0 0 rg BT 113.47 669.75 Td (T) Tj ET Q q 0 0 0 rg BT 118.88 669.75 Td (o achieve these objectives, we employ the strategies described below) Tj ET Q q 0 0 0 rg BT 394.25 669.75 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (Drive Operational Excellence) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 627.75 Td (Attract and r) Tj ET Q q 0 0 0 rg BT 100.79 627.75 Td (etain the best talent) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 606.75 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 606.75 Td (e believe that local management of dealership operations enables our retail network to provide market specific responses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 594.75 Td (to sales, customer service, and inventory requirements. ) Tj ET Q q 0 0 0 rg BT 271.47 594.75 Td (The general manager of each of our dealerships is responsible for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 582.75 Td (operations, personnel, and financial performance of that dealership as well as other day-to-day operations. ) Tj ET Q q 0 0 0 rg BT 476.11 582.75 Td (W) Tj ET Q q 0 0 0 rg BT 484.74 582.75 Td (e believe our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 570.75 Td (general managers' familiarity with their respective markets enables them to ef) Tj ET Q q 0 0 0 rg BT 359.89 570.75 Td (fectively run day-to-day operations, market to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 558.75 Td (customers, and recruit new employees. ) Tj ET Q q 0 0 0 rg BT 207.32 558.75 Td (The general manager of each dealership is supported, in most cases, by a new vehicle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 546.75 Td (sales manager) Tj ET Q q 0 0 0 rg BT 105.46 546.75 Td (, a used vehicle sales manager) Tj ET Q q 0 0 0 rg BT 225.56 546.75 Td (, an F&I manager) Tj ET Q q 0 0 0 rg BT 295.70 546.75 Td (, a parts manager) Tj ET Q q 0 0 0 rg BT 363.60 546.75 Td (, and a service manager) Tj ET Q q 0 0 0 rg BT 457.16 546.75 Td (. Our dealership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 534.75 Td (management teams typically have many years of experience in the automotive retail industry) Tj ET Q q 0 0 0 rg BT 420.38 534.75 Td (. ) Tj ET Q q 0 0 0 rg BT 425.20 534.75 Td (This management structure is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 522.75 Td (complemented by support from our market-based management teams and the corporate of) Tj ET Q q 0 0 0 rg BT 409.47 522.75 Td (fice, which we refer to as the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 510.75 Td (Dealership Support Center \("DSC"\), through our advanced technology solutions, centralized processes, marketing support, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 498.75 Td (financial oversight.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 477.75 Td (Implement best practices and impr) Tj ET Q q 0 0 0 rg BT 187.99 477.75 Td (ove pr) Tj ET Q q 0 0 0 rg BT 212.89 477.75 Td (oductivity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 456.75 Td (While new vehicle sales are critical to drawing customers to our dealerships, used vehicles, parts and service, and F&I sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (generally provide higher profit mar) Tj ET Q q 0 0 0 rg BT 190.38 444.75 Td (gins and account for the majority of our gross profit. In order to maximize the growth of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (these higher mar) Tj ET Q q 0 0 0 rg BT 115.96 432.75 Td (gin businesses, we have discipline-specific executives who focus on increasing the penetration of current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (services and expanding the breadth of our of) Tj ET Q q 0 0 0 rg BT 227.31 420.75 Td (ferings to customers through the implementation of best practices and continuous ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (training on our technology solutions throughout our dealership network. In addition, we have marketing initiatives designed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (attract customers to our online channels and mobile applications.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 375.75 Td (In order to mitigate the impact of significant fluctuations in vehicle sales, we tie management and employee compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (at various operational levels to performance through incentive-based pay systems based on various metrics. ) Tj ET Q q 0 0 0 rg BT 481.69 363.75 Td (W) Tj ET Q q 0 0 0 rg BT 490.33 363.75 Td (e compensate our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 351.75 Td (general managers, department managers, and sales and other dealership personnel with incentive-based pay) Tj ET Q q 0 0 0 rg BT 478.68 351.75 Td (, using metrics such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 339.75 Td (as dealership profitability) Tj ET Q q 0 0 0 rg BT 151.04 339.75 Td (, departmental profitability) Tj ET Q q 0 0 0 rg BT 257.86 339.75 Td (, customer satisfaction and individual performance, as appropriate. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 327.75 Td (addition, a portion of management's compensation is variable based in nature, including an annual cash bonus based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 315.75 Td (achieving certain earnings before interest, taxes, depreciation and amortization \("EBITDA"\) tar) Tj ET Q q 0 0 0 rg BT 431.21 315.75 Td (gets and a component of equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 303.75 Td (compensation tied to our financial performance in comparison to our peer group. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 282.75 Td (Pr) Tj ET Q q 0 0 0 rg BT 59.13 282.75 Td (ovide an exceptional customer experience) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 261.75 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 261.75 Td (e are focused on providing a high level of customer service and have designed our dealerships' services to meet the needs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 249.75 Td (of an increasingly sophisticated and demanding automotive consumer) Tj ET Q q 0 0 0 rg BT 328.04 249.75 Td (. ) Tj ET Q q 0 0 0 rg BT 332.86 249.75 Td (W) Tj ET Q q 0 0 0 rg BT 341.50 249.75 Td (e endeavor to establish relationships which we believe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (will result in both repeat business and additional business through customer referrals. Furthermore, we provide our dealership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 225.75 Td (managers with appropriate incentives to employ ef) Tj ET Q q 0 0 0 rg BT 252.03 225.75 Td (ficient selling approaches, engage in extensive follow-up to develop long-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 213.75 Td (term relationships with customers, and extensively train our sales staf) Tj ET Q q 0 0 0 rg BT 327.59 213.75 Td (f to meet customer needs. ) Tj ET Q q 0 0 0 rg BT 432.37 213.75 Td (W) Tj ET Q q 0 0 0 rg BT 441.01 213.75 Td (e continually evaluate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 201.75 Td (opportunities, and implement appropriate new technologies, to improve the buying experience for our customers, and believe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 189.75 Td (that our ability to share best practices across our multi-jurisdictional platform gives us an advantage over independent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 177.75 Td (dealerships. For example, we have implemented a common customer relations management tool in all of our dealerships to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 165.75 Td (facilitate communications with customers before, during, and after the sale. ) Tj ET Q q 0 0 0 rg BT 353.38 165.75 Td (W) Tj ET Q q 0 0 0 rg BT 362.02 165.75 Td (e continue to invest in technologies designed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 153.75 Td (improve our sales process and employee productivity) Tj ET Q q 0 0 0 rg BT 262.13 153.75 Td (, all with the goal of improving the customer experience. In addition, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 141.75 Td (higher mar) Tj ET Q q 0 0 0 rg BT 92.91 141.75 Td (gin parts and service operations are an integral part of our overall approach to customer service, providing an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 129.75 Td (opportunity to foster ongoing relationships and improve customer loyalty) Tj ET Q q 0 0 0 rg BT 342.14 129.75 Td (. ) Tj ET Q q 0 0 0 rg BT 346.96 129.75 Td (W) Tj ET Q q 0 0 0 rg BT 355.59 129.75 Td (e continue to train our technicians and service ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 117.75 Td (advisors on processes and technologies to both educate our customers on their service needs and ensure that our customers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 105.75 Td (continue to receive excellent service. ) Tj ET Q q 0 0 0 rg BT 199.80 105.75 Td (W) Tj ET Q q 0 0 0 rg BT 208.44 105.75 Td (e believe our parts and service business provides us with an opportunity for future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 93.75 Td (growth due to improved customer retention, the added technical complexity of vehicles and the increasing number of vehicles ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 81.75 Td (on the road.) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.15 29.10 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 29.10 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (Centralize, str) Tj ET Q q 0 0 0 rg BT 106.36 744.60 Td (eamline, and automate pr) Tj ET Q q 0 0 0 rg BT 208.75 744.60 Td (ocesses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 723.60 Td (Our DSC management is responsible for our capital expenditures and determining our operating strategy) Tj ET Q q 0 0 0 rg BT 481.40 723.60 Td (, while the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 711.60 Td (implementation of our operating strategy rests with our market-based management teams and each dealership management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 699.60 Td (team based on the policies and procedures established by DSC management. DSC management and our market-based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 687.60 Td (management teams continually evaluate the financial and operating results of our dealerships, as well as each dealership's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 675.60 Td (geographical location, and from time to time, make decisions to evaluate new technologies and/or processes to further enhance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 663.60 Td (our operational performance. ) Tj ET Q q 0 0 0 rg BT 167.78 663.60 Td (As part of our investment in our information technology \("IT"\) systems, we have deployed a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 651.60 Td (common dealer management system \("DMS"\). ) Tj ET Q q 0 0 0 rg BT 239.10 651.60 Td (W) Tj ET Q q 0 0 0 rg BT 247.74 651.60 Td (e believe a single DMS provides the foundation for future ef) Tj ET Q q 0 0 0 rg BT 489.16 651.60 Td (ficiencies and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 639.60 Td (creates a more ef) Tj ET Q q 0 0 0 rg BT 117.33 639.60 Td (ficient retail operation. ) Tj ET Q q 0 0 0 rg BT 210.99 639.60 Td (W) Tj ET Q q 0 0 0 rg BT 219.63 639.60 Td (e consolidate financial, accounting, and operational data received from our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 627.60 Td (dealerships through customized financial products. Our IT) Tj ET Q q 0 0 0 rg BT 282.86 627.60 Td ( approach enables us to ef) Tj ET Q q 0 0 0 rg BT 386.25 627.60 Td (ficiently integrate and aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 615.60 Td (information from our dealerships. ) Tj ET Q q 0 0 0 rg BT 186.79 615.60 Td (Through the combination of a common DMS and our corporate IT) Tj ET Q q 0 0 0 rg BT 452.65 615.60 Td ( products, management has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 603.60 Td (access to the financial, accounting, and operational data at various levels of the or) Tj ET Q q 0 0 0 rg BT 376.14 603.60 Td (ganization. In addition, we are in the process ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 591.60 Td (of centralizing business processes throughout our or) Tj ET Q q 0 0 0 rg BT 257.61 591.60 Td (ganization which we expect will deliver future cost syner) Tj ET Q q 0 0 0 rg BT 486.23 591.60 Td (gies and enhanced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 579.60 Td (performance.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 558.60 Td (Leverage our scale and cost structur) Tj ET Q q 0 0 0 rg BT 196.05 558.60 Td (e to impr) Tj ET Q q 0 0 0 rg BT 231.79 558.60 Td (ove our operating efficiencies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 537.60 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 537.60 Td (e are positioned to leverage our significant scale so that we are able to achieve competitive operating mar) Tj ET Q q 0 0 0 rg BT 492.67 537.60 Td (gins by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 525.60 Td (centralizing and streamlining various back-of) Tj ET Q q 0 0 0 rg BT 230.92 525.60 Td (fice functions. ) Tj ET Q q 0 0 0 rg BT 290.44 525.60 Td (W) Tj ET Q q 0 0 0 rg BT 299.08 525.60 Td (e are able to improve financial controls and lower servicing costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (by maintaining key store-level accounting and administrative activities in our shared service centers, and we leverage our scale ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (to reduce costs related to purchasing certain equipment, supplies, and services through national vendor relationships.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 480.60 Td (Deploy Capital to Highest Returns) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 459.60 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 459.60 Td (e continually evaluate our investment opportunities based upon: \(i\) our cash and cash equivalents on hand, \(ii\) the funds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 447.60 Td (that we expect to generate through future operations, \(iii\) current and expected borrowing availability under our credit facilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 435.60 Td (and mortgage financings, \(iv\) amounts in our new vehicle floor plan notes payable of) Tj ET Q q 0 0 0 rg BT 390.33 435.60 Td (fset accounts, and \(v\) the potential impact ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 423.60 Td (of any contemplated or pending future transactions, including, but not limited to, financings, acquisitions, dispositions or other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 411.60 Td (capital expenditures.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 390.60 Td (Seek opportunities to further invest in our business; acquir) Tj ET Q q 0 0 0 rg BT 284.66 390.60 Td (e r) Tj ET Q q 0 0 0 rg BT 295.12 390.60 Td (eal estate curr) Tj ET Q q 0 0 0 rg BT 352.51 390.60 Td (ently being operated under lease agr) Tj ET Q q 0 0 0 rg BT 499.61 390.60 Td (eements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 369.60 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 369.60 Td (e continually evaluate our existing dealership network and seek to make strategic investments which will increase the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 357.60 Td (capacity of our dealerships and improve the customer experience. In addition, we continue to execute on our strategy of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 345.60 Td (selectively acquiring our leased properties where financing rates make it attractive to be an owner) Tj ET Q q 0 0 0 rg BT 439.90 345.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 324.60 Td (Evaluate opportunities to r) Tj ET Q q 0 0 0 rg BT 157.18 324.60 Td (efine our dealership portfolio, including acquiring value added operating assets and dealerships) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 303.60 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 303.60 Td (e evaluate dealership acquisition opportunities based on market position and geography) Tj ET Q q 0 0 0 rg BT 420.89 303.60 Td (, brand representation and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 291.60 Td (availability) Tj ET Q q 0 0 0 rg BT 93.84 291.60 Td (, key personnel, and other factors. ) Tj ET Q q 0 0 0 rg BT 231.66 291.60 Td (W) Tj ET Q q 0 0 0 rg BT 240.30 291.60 Td (e believe our financial position, IT) Tj ET Q q 0 0 0 rg BT 378.41 291.60 Td ( systems, management structure, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 279.60 Td (experience, position us to ef) Tj ET Q q 0 0 0 rg BT 161.79 279.60 Td (ficiently and opportunistically complete, integrate, and benefit from dealership acquisitions. ) Tj ET Q q 0 0 0 rg BT 531.77 279.60 Td (W) Tj ET Q q 0 0 0 rg BT 540.41 279.60 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 267.60 Td (also evaluate the financial and operating results of our owned dealerships, as well as each dealership's geographical location, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 255.60 Td (and based on various financial and strategic rationales, may make decisions to dispose of dealerships to refine our dealership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 243.60 Td (portfolio. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 222.60 Td (Return capital to stockholders thr) Tj ET Q q 0 0 0 rg BT 184.11 222.60 Td (ough shar) Tj ET Q q 0 0 0 rg BT 224.03 222.60 Td (e r) Tj ET Q q 0 0 0 rg BT 234.49 222.60 Td (epur) Tj ET Q q 0 0 0 rg BT 252.44 222.60 Td (chase pr) Tj ET Q q 0 0 0 rg BT 286.23 222.60 Td (ograms and/or dividends) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 201.60 Td (Our capital allocation decisions are primarily based on our desire to maintain suf) Tj ET Q q 0 0 0 rg BT 386.05 201.60 Td (ficient liquidity and a prudent capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 189.60 Td (structure. ) Tj ET Q q 0 0 0 rg BT 89.30 189.60 Td (W) Tj ET Q q 0 0 0 rg BT 97.94 189.60 Td (e believe our cash position and borrowing capacity) Tj ET Q q 0 0 0 rg BT 300.84 189.60 Td (, combined with our current and expected future cash generation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 177.60 Td (capability) Tj ET Q q 0 0 0 rg BT 88.28 177.60 Td (, provides us with significant financial flexibility to enhance shareholder value through the repurchase of our common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 165.60 Td (stock and/or dividends. Our share repurchase decisions are based on many factors, including a comparison of the market price ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 153.60 Td (of our common stock versus our view of its intrinsic value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.60 Td (Competition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 111.60 Td (The automotive retail and service industry is highly competitive with respect to price, service, location, and selection. For ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 99.60 Td (new vehicle sales, our dealerships compete with other franchised dealerships, primarily in their regions. Our new vehicle store ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 87.60 Td (competitors also have franchise agreements with the various vehicle manufacturers, and as such, generally obtain new vehicle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 75.60 Td (inventory from vehicle manufacturers on the same terms as us. ) Tj ET Q q 0 0 0 rg BT 302.85 75.60 Td (The franchise agreements grant the franchised dealership a non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 63.60 Td (exclusive right to sell the manufacturer's \(or distributor's\) brand of vehicles and of) Tj ET Q q 0 0 0 rg BT 377.83 63.60 Td (fer related parts and service within a specified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 51.60 Td (market area. State automotive franchise laws restrict competitors from relocating their stores or establishing new stores of a ) Tj ET Q endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (particular vehicle brand within a specified area that is served by our dealership of the same vehicle brand. ) Tj ET Q q 0 0 0 rg BT 474.43 744.60 Td (W) Tj ET Q q 0 0 0 rg BT 483.06 744.60 Td (e rely on our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 732.60 Td (advertising and merchandising, sales expertise, service reputation, strong local branding, and location of our dealerships to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 720.60 Td (assist in the sale of new vehicles.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 699.60 Td (Our used vehicle operations compete with other franchised dealerships, non-franchised automotive dealerships, regional and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 687.60 Td (national vehicle rental companies, and Internet-based vehicle brokers for the supply and resale of used vehicles.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 666.60 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 666.60 Td (e compete with other franchised dealerships to perform warranty and recall-related repairs and with other franchised ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 654.60 Td (dealerships and independent service centers for non-warranty repair and maintenance services. ) Tj ET Q q 0 0 0 rg BT 430.26 654.60 Td (W) Tj ET Q q 0 0 0 rg BT 438.90 654.60 Td (e compete with other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 642.60 Td (automobile dealers, service stores, and auto parts retailers in our parts operations. ) Tj ET Q q 0 0 0 rg BT 377.27 642.60 Td (W) Tj ET Q q 0 0 0 rg BT 385.91 642.60 Td (e believe that we have a competitive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 630.60 Td (advantage in parts and service sales due to our ability to use factory-approved replacement parts, our competitive prices, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 618.60 Td (familiarity with manufacturer brands and models, and the quality of our customer service. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 597.60 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 597.60 Td (e compete with a broad range of financial institutions in arranging financing for our customers vehicle purchases. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 585.60 Td (addition, many financial institutions are now of) Tj ET Q q 0 0 0 rg BT 239.00 585.60 Td (fering F&I products through the Internet, which has increased competition and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 573.60 Td (may reduce our profits on certain of these items. ) Tj ET Q q 0 0 0 rg BT 245.36 573.60 Td (W) Tj ET Q q 0 0 0 rg BT 254.00 573.60 Td (e believe that the principal competitive factors in providing financing are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 561.60 Td (convenience, interest rates, and flexibility in contract length.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.60 Td (Seasonality) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 519.60 Td (The automobile industry has historically been subject to seasonal variations. Demand for new vehicles is generally highest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 507.60 Td (during the second, third, and fourth quarters of each year and, accordingly) Tj ET Q q 0 0 0 rg BT 345.41 507.60 Td (, we expect our revenues and operating results to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 495.60 Td (generally be higher during these periods. In addition, we typically experience higher sales of luxury vehicles in the fourth ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 483.60 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.42 483.60 Td (, which have higher average selling prices and gross profit per vehicle retailed. Revenues and operating results may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 471.60 Td (impacted significantly from quarter to quarter by changing economic conditions, vehicle manufacturer incentive programs, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 459.60 Td (adverse weather events.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.60 Td (Dealer) Tj ET Q q 0 0 0 rg BT 77.63 438.60 Td ( and Framework ) Tj ET Q q 0 0 0 rg BT 151.24 438.60 Td (Agr) Tj ET Q q 0 0 0 rg BT 167.72 438.60 Td (eements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 417.60 Td (Each of our dealerships operate pursuant to a dealer agreement between the dealership and the manufacturer \(or in some ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 405.60 Td (cases the distributor\) of each brand of new vehicles sold and/or serviced at the dealership. ) Tj ET Q q 0 0 0 rg BT 410.86 405.60 Td (The dealer agreements grant the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 393.60 Td (franchised dealership a non-exclusive right to sell the manufacturer's \(or distributor's\) brand of vehicles and of) Tj ET Q q 0 0 0 rg BT 490.83 393.60 Td (fer related parts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 381.60 Td (and service within a specified market area. Each dealer agreement also grants our dealerships the right to use the manufacturer's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 369.60 Td (trademarks and service marks in connection with the dealerships operations and they also impose numerous operational ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 357.60 Td (requirements related to, among other things, the following:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 336.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 336.60 Td (inventories of new vehicles and manufacturer replacement parts;) Tj ET Q BT /F2 5.00 Tf ET q 0 0 0 rg BT 344.00 336.60 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 315.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 315.60 Td (maintenance of minimum net working capital requirements, and in some cases, minimum net worth requirements;) Tj ET Q BT /F2 5.00 Tf ET q 0 0 0 rg BT 541.49 315.60 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 294.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 294.60 Td (achievement of certain sales and customer satisfaction tar) Tj ET Q q 0 0 0 rg BT 315.50 294.60 Td (gets;) Tj ET Q BT /F2 5.00 Tf ET q 0 0 0 rg BT 334.39 294.60 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 273.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 273.60 Td (advertising and marketing practices;) Tj ET Q BT /F2 5.00 Tf ET q 0 0 0 rg BT 230.72 273.60 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 252.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 252.60 Td (facilities and signs;) Tj ET Q BT /F2 5.00 Tf ET q 0 0 0 rg BT 162.71 252.60 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 231.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 231.60 Td (products of) Tj ET Q q 0 0 0 rg BT 130.59 231.60 Td (fered to customers; ) Tj ET Q BT /F2 5.00 Tf ET q 0 0 0 rg BT 209.73 231.60 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 210.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 210.60 Td (dealership management;) Tj ET Q BT /F2 5.00 Tf ET q 0 0 0 rg BT 182.96 210.60 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 189.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 189.60 Td (personnel training;) Tj ET Q BT /F2 5.00 Tf ET q 0 0 0 rg BT 160.76 189.60 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 168.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 168.60 Td (information systems;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 147.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 147.60 Td (geographic market, including but not limited to requirements to meet sales and service tar) Tj ET Q q 0 0 0 rg BT 444.10 147.60 Td (gets within an assigned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 135.60 Td (market area, geographic limitations on where the dealership may locate or advertise, and restrictions on the export of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 123.60 Td (vehicles; and) Tj ET Q BT /F2 5.00 Tf ET q 0 0 0 rg BT 137.98 123.60 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 102.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 102.60 Td (dealership monthly and annual financial reporting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 81.60 Td (Our dealer agreements are for various terms, ranging from one year to indefinite. ) Tj ET Q q 0 0 0 rg BT 390.58 81.60 Td (W) Tj ET Q q 0 0 0 rg BT 399.22 81.60 Td (e expect that we will be able to renew ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 69.60 Td (expiring agreements in the ordinary course of business. However) Tj ET Q q 0 0 0 rg BT 309.30 69.60 Td (, typical dealer agreements give the manufacturer the right to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 57.60 Td (terminate or the option of non-renewal of the dealer agreement under certain circumstances, subject to applicable state franchise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 45.60 Td (laws, including:) Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 744.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 744.60 Td (insolvency or bankruptcy of the dealership;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 723.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 723.60 Td (failure to adequately operate the dealership or to maintain required capitalization levels;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 702.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 702.60 Td (impairment of the reputation or financial condition of the dealership;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 681.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 681.60 Td (change of ownership or management of the dealership without manufacturer consent;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 660.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 660.60 Td (certain extraordinary corporate transactions such as a mer) Tj ET Q q 0 0 0 rg BT 316.05 660.60 Td (ger or sale of all or substantially all of our assets without ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 648.60 Td (manufacturer consent;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 627.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 627.60 Td (failure to complete facility upgrades required by the manufacturer or agreed to by the dealer;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 606.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 606.60 Td (failure to maintain any license, permits or authorization required to conduct the dealership's business;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 585.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 585.60 Td (conviction of a dealer/manager or owner for certain crimes; or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 564.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 564.60 Td (material breach of other provisions of a dealer agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 543.60 Td (Notwithstanding the terms of any dealer agreement, the states in which we operate have automotive dealership franchise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 531.60 Td (laws that provide that it is unlawful for a manufacturer to terminate or not renew a franchise unless "good cause" exists. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 510.60 Td (In addition to requirements under dealer agreements, we are subject to provisions contained in supplemental agreements, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 498.60 Td (framework agreements, dealer addenda and manufacturers' policies, collectively referred to as "framework agreements." ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 486.60 Td (Framework agreements impose requirements on us in addition to those described above. Such agreements also define other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 474.60 Td (standards and limitations, including:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 453.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 453.60 Td (company-wide performance criteria;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 432.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 432.60 Td (capitalization requirements;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 411.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 411.60 Td (limitations on changes in our ownership or management;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 390.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 390.60 Td (limitations on the number of a particular manufacturer's franchises owned by us;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 369.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 369.60 Td (restrictions or prohibitions on our ability to pledge the stock of certain of our subsidiaries; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 348.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 348.60 Td (conditions for consent to proposed acquisitions, including sales and customer satisfaction criteria, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 336.60 Td (limitations on the total local, regional, and national market share percentage that would be represented by a particular ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 324.60 Td (manufacturer's franchises owned by us after giving ef) Tj ET Q q 0 0 0 rg BT 299.54 324.60 Td (fect to a proposed acquisition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 303.60 Td (Some dealer agreements and framework agreements grant the manufacturer the right to terminate or not renew our dealer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 291.60 Td (and framework agreements, or to compel us to divest our dealerships, for a number of reasons, including default under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 279.60 Td (agreement, any unapproved change of control \(which specific changes vary from manufacturer to manufacturer) Tj ET Q q 0 0 0 rg BT 495.01 279.60 Td (, but which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 267.60 Td (include material changes in the composition of our Board of Directors during a specified time period, the acquisition of 5% or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 255.60 Td (more of our voting stock by another vehicle manufacturer or distributor) Tj ET Q q 0 0 0 rg BT 335.13 255.60 Td (, the acquisition of 20% or more of our voting stock by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 243.60 Td (third parties, and the acquisition of an ownership interest suf) Tj ET Q q 0 0 0 rg BT 291.48 243.60 Td (ficient to direct or influence management and policies\), or certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 231.60 Td (other unapproved events \(including certain extraordinary corporate transactions such as a mer) Tj ET Q q 0 0 0 rg BT 424.45 231.60 Td (ger or sale of all or substantially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 219.60 Td (all of our assets\). ) Tj ET Q q 0 0 0 rg BT 120.13 219.60 Td (T) Tj ET Q q 0 0 0 rg BT 125.89 219.60 Td (riggers of the clauses are often based upon actions by our stockholders and are generally outside of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 207.60 Td (control. Some of our dealer agreements and framework agreements also give the manufacturer a right of first refusal if we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 195.60 Td (propose to sell any dealership representing the manufacturer's brands to a third-party) Tj ET Q q 0 0 0 rg BT 387.48 195.60 Td (. ) Tj ET Q q 0 0 0 rg BT 392.30 195.60 Td (These agreements may also attempt to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 183.60 Td (limit the protections available under applicable state laws and require us to resolve disputes through binding arbitration. For ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 171.60 Td (additional information, please refer to the risk factor captioned "W) Tj ET Q q 0 0 0 rg BT 315.46 171.60 Td (e are dependent upon our relationships with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 159.60 Td (manufacturers of vehicles that we sell and are subject to restrictions imposed by) Tj ET Q q 0 0 0 rg BT 368.75 159.60 Td (, and significant influence from, these vehicle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 147.60 Td (manufacturers. ) Tj ET Q q 0 0 0 rg BT 111.14 147.60 Td (Any of these restrictions or any changes or deterioration of these relationships could have a material adverse ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 135.60 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 135.60 Td (fect on our business, financial condition, results of operations, and cash flows.") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 114.60 Td (Our framework agreements with certain manufacturers contain provisions that, among other things, attempt to limit the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 102.60 Td (protections available to dealers under these laws. If these laws are repealed in the states in which we operate, manufacturers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 90.60 Td (may be able to terminate our franchises without providing advance notice, an opportunity to cure or a showing of good cause. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 78.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.54 78.60 Td (ithout the protection of these laws, it may also be more dif) Tj ET Q q 0 0 0 rg BT 291.63 78.60 Td (ficult for us to renew our dealer agreements upon expiration. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 57.60 Td (Changes in laws that provide manufacturers the ability to terminate our dealer agreements could materially adversely af) Tj ET Q q 0 0 0 rg BT 541.53 57.60 Td (fect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 45.60 Td (our business, financial condition and results of operations. Furthermore, if a manufacturer seeks protection from creditors in ) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (bankruptcy) Tj ET Q q 0 0 0 rg BT 93.84 744.60 Td (, courts have held that the federal bankruptcy laws may supersede these laws, resulting in either the termination, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 732.60 Td (non-renewal or rejection of franchises by such manufacturers, which, in turn, could materially adversely af) Tj ET Q q 0 0 0 rg BT 476.66 732.60 Td (fect our business, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 720.60 Td (financial condition, and results of operations. For additional information, please refer to the risk factor captioned "If state laws ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (that protect automotive retailers are repealed, weakened, or superseded by our framework agreements with manufacturers, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (dealerships will be more susceptible to termination, non-renewal or renegotiation of their dealer agreements which could have a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (materially adverse ef) Tj ET Q q 0 0 0 rg BT 133.16 684.60 Td (fect on our business, financial condition, and results of operations." ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 663.60 Td (Regulations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 642.60 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 642.60 Td (e operate in a highly regulated industry) Tj ET Q q 0 0 0 rg BT 229.10 642.60 Td (. In every state in which we operate, we must obtain one or more licenses issued by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 630.60 Td (state regulatory authorities in order to operate our business. In addition, we are subject to numerous complex federal, state, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 618.60 Td (local laws regulating the conduct of our business, including those relating to our sales, operations, finance and insurance, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 606.60 Td (advertising, and employment practices. ) Tj ET Q q 0 0 0 rg BT 208.71 606.60 Td (These laws and regulations include state franchise laws and regulations, consumer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 594.60 Td (protection laws, privacy laws, anti-money laundering laws, and other extensive laws and regulations applicable to new and used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 582.60 Td (motor vehicle dealers. ) Tj ET Q q 0 0 0 rg BT 140.39 582.60 Td (These laws also include federal and state wage and hour) Tj ET Q q 0 0 0 rg BT 364.63 582.60 Td (, anti-discrimination, and other laws governing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 570.60 Td (employment practices.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 549.60 Td (Our financing activities with customers are subject to federal truth-in-lending, consumer leasing, and equal credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 537.60 Td (opportunity laws and regulations, as well as state and local motor vehicle finance laws, leasing laws, installment finance laws, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 525.60 Td (usury laws, and other installment state and leasing laws and regulations. Some U.S. states regulate fees and char) Tj ET Q q 0 0 0 rg BT 497.81 525.60 Td (ges that may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (paid as a result of vehicle sales. Claims arising out of actual or alleged violations of law may be asserted against us or our stores ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (by individuals or governmental entities and may expose us to significant damages, fines or other penalties, including revocation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 489.60 Td (or suspension of our license to conduct store operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 468.60 Td (In July 2010, the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 183.92 468.60 Td (W) Tj ET Q q 0 0 0 rg BT 192.56 468.60 Td (all Street Reform and Consumer Protection ) Tj ET Q q 0 0 0 rg BT 367.52 468.60 Td (Act was signed into law and established the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 456.60 Td (Consumer Financial Protection Bureau \("CFPB"\) with broad regulatory powers. ) Tj ET Q q 0 0 0 rg BT 372.06 456.60 Td (Although automotive dealers are generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 444.60 Td (excluded from the CFPB's regulatory authority) Tj ET Q q 0 0 0 rg BT 236.45 444.60 Td (, the CFPB has announced its intention to regulate automotive financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 432.60 Td (activities through its regulation of automotive finance companies and other financial institutions that service the automotive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 420.60 Td (industry) Tj ET Q q 0 0 0 rg BT 81.63 420.60 Td (. ) Tj ET Q q 0 0 0 rg BT 86.45 420.60 Td (The CFPB has issued regulatory guidance instructing financial institutions to monitor dealer lending practices for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 408.60 Td (potential discrimination, resulting from the system used to compensate dealers for assisting in the customer financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 396.60 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 98.19 396.60 Td (The CFPB has instructed lenders that, if discrimination is found, the lender would be required to change dealer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 384.60 Td (compensation practices. In addition, the CFPB has announced its intention to regulate the sale of other finance and insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 372.60 Td (products. ) Tj ET Q q 0 0 0 rg BT 88.76 372.60 Td (The Federal ) Tj ET Q q 0 0 0 rg BT 139.11 372.60 Td (T) Tj ET Q q 0 0 0 rg BT 144.87 372.60 Td (rade Commission has certain regulatory authority over automotive dealers and has implemented an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 360.60 Td (enforcement initiative relating to the advertising practices of automotive dealers. For additional information, please refer to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 348.60 Td (risk factor captioned "Our operations are subject to extensive governmental laws and regulations. If we are found to be in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 336.60 Td (purported violation of or subject to liabilities under any of these laws or regulations, or if new laws or regulations are enacted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.60 Td (that adversely af) Tj ET Q q 0 0 0 rg BT 115.40 324.60 Td (fect our operations, our business, our reputation, financial condition, results of operations, and prospects could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 312.60 Td (suf) Tj ET Q q 0 0 0 rg BT 61.54 312.60 Td (fer) Tj ET Q q 0 0 0 rg BT 72.09 312.60 Td (.") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.60 Td (Envir) Tj ET Q q 0 0 0 rg BT 73.77 291.60 Td (onmental, Health and Safety Laws and Regulations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 270.60 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 270.60 Td (e are subject to a wide range of environmental laws and regulations, including those governing dischar) Tj ET Q q 0 0 0 rg BT 483.39 270.60 Td (ges into water) Tj ET Q q 0 0 0 rg BT 539.08 270.60 Td (, air ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 258.60 Td (emissions, storage of petroleum substances and chemicals, handling and disposal of solid and hazardous wastes, remediation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 246.60 Td (various types of contamination, and otherwise relating to health, safety and protection of the environment. For example and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 234.60 Td (without creating an exhaustive list: as with automobile dealerships generally) Tj ET Q q 0 0 0 rg BT 354.60 234.60 Td (, and service and parts and collision repair center ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 222.60 Td (operations in particular) Tj ET Q q 0 0 0 rg BT 141.84 222.60 Td (, our business involves the generation, use, handling, and disposal of hazardous or toxic substances and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 210.60 Td (wastes and the use of above ground and under) Tj ET Q q 0 0 0 rg BT 233.71 210.60 Td (ground storage tanks \(AST) Tj ET Q q 0 0 0 rg BT 341.05 210.60 Td (s and UST) Tj ET Q q 0 0 0 rg BT 382.57 210.60 Td (s\). Operations involving the management of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 198.60 Td (wastes and the use of ) Tj ET Q q 0 0 0 rg BT 136.42 198.60 Td (AST) Tj ET Q q 0 0 0 rg BT 154.62 198.60 Td (s and UST) Tj ET Q q 0 0 0 rg BT 196.14 198.60 Td (s are subject to requirements of the Resource Conservation and Recovery ) Tj ET Q q 0 0 0 rg BT 491.33 198.60 Td (Act, analogous ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 186.60 Td (state statutes, and their implementing regulations. Pursuant to these laws, federal and state environmental agencies have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 174.60 Td (established approved methods for handling, storing, treating, transporting, and disposing of regulated substances and wastes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 162.60 Td (with which we must comply) Tj ET Q q 0 0 0 rg BT 162.17 162.60 Td (. ) Tj ET Q q 0 0 0 rg BT 166.99 162.60 Td (W) Tj ET Q q 0 0 0 rg BT 175.63 162.60 Td (e also are subject to laws and regulations governing responses to any releases of contamination ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 150.60 Td (at or from our facilities or at facilities that receive our hazardous wastes for treatment or disposal. ) Tj ET Q q 0 0 0 rg BT 441.95 150.60 Td (The Comprehensive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 138.60 Td (Environmental Response, Compensation and Liability ) Tj ET Q q 0 0 0 rg BT 268.36 138.60 Td (Act \("CERCLA"\) and similar state statutes, can impose strict and joint ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 126.60 Td (and several liability for cleanup costs on those that are considered to have contributed to the release of a "hazardous substance." ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 114.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 114.60 Td (e also are subject to the Clean ) Tj ET Q q 0 0 0 rg BT 179.86 114.60 Td (W) Tj ET Q q 0 0 0 rg BT 188.49 114.60 Td (ater ) Tj ET Q q 0 0 0 rg BT 205.43 114.60 Td (Act, analogous state statutes, and their implementing regulations which, among other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 102.60 Td (things, prohibit dischar) Tj ET Q q 0 0 0 rg BT 141.81 102.60 Td (ges of pollutants into regulated waters without permits, require containment of potential dischar) Tj ET Q q 0 0 0 rg BT 524.58 102.60 Td (ges of oil ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 90.60 Td (or hazardous substances, and require preparation of spill contingency plans. Currently) Tj ET Q q 0 0 0 rg BT 392.63 90.60 Td (, we are not aware of any non-compliance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 78.60 Td (with these or any other environmental requirements applicable to our operations, nor are we aware of any material remedial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 66.60 Td (liabilities to which we are subject.) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 744.60 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 744.60 Td (e have incurred, and will continue to incur) Tj ET Q q 0 0 0 rg BT 242.12 744.60 Td (, costs and capital expenditures to comply with these laws and regulations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 732.60 Td (to obtain and maintain all necessary environmental permits. ) Tj ET Q q 0 0 0 rg BT 290.64 732.60 Td (W) Tj ET Q q 0 0 0 rg BT 299.28 732.60 Td (e believe that our operations currently are being conducted in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 720.60 Td (substantial compliance with all applicable environmental laws. From time to time, we may experience incidents and encounter ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (conditions that are not in compliance with environmental laws and regulations. ) Tj ET Q q 0 0 0 rg BT 367.57 708.60 Td (W) Tj ET Q q 0 0 0 rg BT 376.21 708.60 Td (e occasionally receive notices from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (environmental agencies regarding potential violations of environmental laws or regulations. In such cases, we work with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (agencies to address any issues and to implement appropriate corrective action when necessary) Tj ET Q q 0 0 0 rg BT 424.82 684.60 Td (. However) Tj ET Q q 0 0 0 rg BT 466.07 684.60 Td (, none of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (dealerships have been subject to any material environmental liabilities in the past, nor do we know of any fact or condition that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (would result in any material environmental liabilities being incurred in the future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 639.60 Td (Employees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 618.60 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.94 618.60 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.53 618.60 Td (, we employed approximately 8,000 full-time and part-time employees, none of whom were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 606.60 Td (covered by collective bar) Tj ET Q q 0 0 0 rg BT 150.10 606.60 Td (gaining agreements. ) Tj ET Q q 0 0 0 rg BT 232.95 606.60 Td (W) Tj ET Q q 0 0 0 rg BT 241.58 606.60 Td (e believe we have good relations with our employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.60 Td (Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 564.60 Td (Due to the inherent risk in the automotive retail industry) Tj ET Q q 0 0 0 rg BT 287.58 564.60 Td (, our operations expose us to a variety of liabilities. ) Tj ET Q q 0 0 0 rg BT 494.57 564.60 Td (These risks ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 552.60 Td (generally require significant levels of insurance covering liabilities such as claims from employees, customers, or other third ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 540.60 Td (parties, for personal injury and property related losses occurring in the course of our operations. ) Tj ET Q q 0 0 0 rg BT 435.03 540.60 Td (W) Tj ET Q q 0 0 0 rg BT 443.67 540.60 Td (e may be subject to fines and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 528.60 Td (civil and criminal penalties in connection with alleged violations of federal and state laws or regulatory environments. Further) Tj ET Q q 0 0 0 rg BT 553.39 528.60 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 516.60 Td (the automobile retail industry is subject to substantial risk of real and personal property loss, due to the significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 504.60 Td (concentration of property values located at the various dealership locations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 483.60 Td (Our insurance programs include multiple umbrella policies with a total per occurrence and aggregate limit of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 471.60 Td ($100.0 million. ) Tj ET Q q 0 0 0 rg BT 113.21 471.60 Td (W) Tj ET Q q 0 0 0 rg BT 121.85 471.60 Td (e are self-insured for certain employee medical claims and maintain stop loss insurance for individual claims. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 459.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 459.60 Td (e have lar) Tj ET Q q 0 0 0 rg BT 96.82 459.60 Td (ge deductible insurance programs in place for workers compensation, property) Tj ET Q q 0 0 0 rg BT 410.51 459.60 Td (, and general liability claims.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 438.60 Td (Provisions for retained losses and deductibles are made by char) Tj ET Q q 0 0 0 rg BT 316.35 438.60 Td (ges to expense based upon periodic evaluations of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 426.60 Td (estimated ultimate liabilities on reported and unreported claims. ) Tj ET Q q 0 0 0 rg BT 307.30 426.60 Td (The insurance companies that underwrite our insurance require ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 414.60 Td (that we secure certain of our obligations for deductible reimbursements with collateral. Our collateral requirements are set by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 402.60 Td (the insurance companies and, to date, have been satisfied by posting surety bonds, letters of credit, and/or cash deposits. Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 390.60 Td (collateral requirements may change from time to time based on, among other things, our claims experience.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.60 Td (Item 1A. Risk Factors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 348.60 Td (In addition to the other information contained, referred to or incorporated by reference into this report, you should consider ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 336.60 Td (carefully the following factors when evaluating our business and before making an investment decision. Our business, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.60 Td (operations, ability to implement our strategy) Tj ET Q q 0 0 0 rg BT 226.59 324.60 Td (, reputation, results of operations, financial condition, cash flows, and prospects ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 312.60 Td (may be materially adversely af) Tj ET Q q 0 0 0 rg BT 172.60 312.60 Td (fected by the risks described below) Tj ET Q q 0 0 0 rg BT 312.73 312.60 Td (. In addition, other risks or uncertainties not presently known ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 300.60 Td (to us or that we currently do not deem material could arise, any of which could also materially adversely af) Tj ET Q q 0 0 0 rg BT 477.51 300.60 Td (fect us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.60 Td (The automotive r) Tj ET Q q 0 0 0 rg BT 123.20 279.60 Td (etail industry is sensitive to unfavorable changes in general economic conditions and various other) Tj ET Q q 0 0 0 rg BT 541.08 279.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.60 Td (factors that could affect demand for) Tj ET Q q 0 0 0 rg BT 202.90 267.60 Td ( our) Tj ET Q q 0 0 0 rg BT 220.22 267.60 Td ( pr) Tj ET Q q 0 0 0 rg BT 232.54 267.60 Td (oducts and services, which could have a material adverse effect on our) Tj ET Q q 0 0 0 rg BT 531.21 267.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.60 Td (business, our) Tj ET Q q 0 0 0 rg BT 104.90 255.60 Td ( ability to implement our) Tj ET Q q 0 0 0 rg BT 210.82 255.60 Td ( strategy) Tj ET Q q 0 0 0 rg BT 247.20 255.60 Td (, and our) Tj ET Q q 0 0 0 rg BT 285.64 255.60 Td ( r) Tj ET Q q 0 0 0 rg BT 292.40 255.60 Td (esults of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.50 234.60 Td (Our future performance will be impacted by general economic conditions including: changes in employment levels; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 222.60 Td (consumer demand, preferences and confidence levels; the availability and cost of credit; fuel prices; levels of discretionary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 210.60 Td (personal income; and interest rates. ) Tj ET Q q 0 0 0 rg BT 193.16 210.60 Td (W) Tj ET Q q 0 0 0 rg BT 201.79 210.60 Td (e also are subject to economic, competitive, and other conditions prevailing in the various ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 198.60 Td (markets in which we operate, even if those conditions are not prominent nationally) Tj ET Q q 0 0 0 rg BT 380.14 198.60 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 177.60 Td (Retail vehicle sales are cyclical and historically have experienced periodic downturns characterized by oversupply and weak ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 165.60 Td (demand, which could result in a need for us to lower the prices at which we sell vehicles, which would reduce our revenue per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 153.60 Td (vehicle sold and our mar) Tj ET Q q 0 0 0 rg BT 148.18 153.60 Td (gins. ) Tj ET Q q 0 0 0 rg BT 169.29 153.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 219.20 153.60 Td (, a shift in consumer's vehicle preferences driven by pricing, fuel costs or other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 141.60 Td (factors may have a material adverse ef) Tj ET Q q 0 0 0 rg BT 203.12 141.60 Td (fect on our revenues, mar) Tj ET Q q 0 0 0 rg BT 304.84 141.60 Td (gins and results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 120.60 Td (Changes in general economic conditions may make it dif) Tj ET Q q 0 0 0 rg BT 292.03 120.60 Td (ficult for us to execute our business strategy) Tj ET Q q 0 0 0 rg BT 467.73 120.60 Td (. In such an event, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 108.60 Td (may be required to enter into certain transactions in order to generate additional cash, which may include, but not be limited to, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 96.60 Td (selling certain of our dealerships or other assets or increasing borrowings under our existing, or any future, credit facilities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 84.60 Td (There can be no assurance that, if necessary) Tj ET Q q 0 0 0 rg BT 224.32 84.60 Td (, we would be able to enter into any such transactions in a timely manner or on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 72.60 Td (reasonable terms, if at all. Furthermore, in the event we were required to sell dealership assets, the sale of any material portion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 60.60 Td (of such assets could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 235.91 60.60 Td (fect on our revenue and profitability) Tj ET Q q 0 0 0 rg BT 379.92 60.60 Td (.) Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 744.75 Td (Adverse conditions affecting one or) Tj ET Q q 0 0 0 rg BT 199.86 744.75 Td ( mor) Tj ET Q q 0 0 0 rg BT 219.94 744.75 Td (e of the vehicle manufactur) Tj ET Q q 0 0 0 rg BT 335.85 744.75 Td (ers with which we hold franchises or) Tj ET Q q 0 0 0 rg BT 491.22 744.75 Td ( their) Tj ET Q q 0 0 0 rg BT 514.08 744.75 Td ( inability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 732.75 Td (to deliver) Tj ET Q q 0 0 0 rg BT 89.58 732.75 Td ( a desirable mix of vehicles that our) Tj ET Q q 0 0 0 rg BT 240.77 732.75 Td ( consumers demand, could have a material adverse effect on our) Tj ET Q q 0 0 0 rg BT 514.17 732.75 Td ( business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 720.75 Td (r) Tj ET Q q 0 0 0 rg BT 53.76 720.75 Td (esults of operations, financial condition, and cash flows. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 699.75 Td (Historically) Tj ET Q q 0 0 0 rg BT 111.06 699.75 Td (, we have generated most of our revenue through new vehicle sales, and new vehicle sales also tend to lead to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 687.75 Td (sales of higher) Tj ET Q q 0 0 0 rg BT 107.62 687.75 Td (-mar) Tj ET Q q 0 0 0 rg BT 126.31 687.75 Td (gin products and services, such as finance and insurance products and vehicle related parts and service. ) Tj ET Q q 0 0 0 rg BT 540.60 687.75 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 675.75 Td (result, our profitability is dependent to a great extent on various aspects of vehicle manufacturers' operations, many of which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 663.75 Td (are outside of our control. Our ability to sell new vehicles is dependent on manufacturers' ability to design and produce, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 651.75 Td (willingness to allocate and deliver to our dealerships, a desirable mix of popular new vehicles that consumers demand. Popular ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 639.75 Td (vehicles may often be dif) Tj ET Q q 0 0 0 rg BT 150.39 639.75 Td (ficult to obtain from manufacturers for a number of reasons, including the fact that manufacturers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 627.75 Td (generally allocate their vehicles to dealerships based on sales history and capital expenditures associated with such dealerships. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (Further) Tj ET Q q 0 0 0 rg BT 78.54 615.75 Td (, if a manufacturer fails to produce desirable vehicles or develops a reputation for producing undesirable vehicles or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 603.75 Td (produces vehicles that do not comply with applicable laws or government regulations, and we own dealerships that sell that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 591.75 Td (manufacturer's vehicles, our revenues from those dealerships could be adversely af) Tj ET Q q 0 0 0 rg BT 380.72 591.75 Td (fected as consumers shift their vehicle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 579.75 Td (purchases away from that brand.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 558.75 Td (Although we seek to limit our dependence on any one vehicle manufacturer) Tj ET Q q 0 0 0 rg BT 367.05 558.75 Td (, there can be no assurance that the brand mix ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 546.75 Td (allocated and delivered to our dealerships by the manufacturers will be appropriate or suf) Tj ET Q q 0 0 0 rg BT 406.13 546.75 Td (ficiently diverse, to protect us from a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 534.75 Td (significant decline in the desirability of vehicles manufactured by a particular manufacturer or disruptions in a manufacturer's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 522.75 Td (ability to produce vehicles. For the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.49 522.75 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.08 522.75 Td (, manufacturers representing 5% or more of our revenues ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 510.75 Td (from new vehicle sales were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 466.25 430.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 466.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 466.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 438.25 430.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 438.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 438.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 410.25 430.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 410.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 410.25 64.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 466.25 m 480 466.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 466.25 m 548 466.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 466.25 m 480 466.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 466.25 m 548 466.25 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 470.93 Td (Manufactur) Tj ET Q q 0 0 0 rg BT 103.98 470.93 Td (er) Tj ET Q q 0 0 0 rg BT 112.68 470.93 Td ( \(V) Tj ET Q q 0 0 0 rg BT 124.81 470.93 Td (ehicle Brands\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.95 490.93 Td (% of? Tj ET Q q 0 0 0 rg BT 516.10 490.93 Td (T) Tj ET Q q 0 0 0 rg BT 521.85 490.93 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 480.93 Td (New? Tj ET Q q 0 0 0 rg BT 510.70 480.93 Td (V) Tj ET Q q 0 0 0 rg BT 517.00 480.93 Td (ehicle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.20 470.93 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 456.82 Td (American ) Tj ET Q q 0 0 0 rg BT 94.42 456.82 Td (Honda ) Tj ET Q q 0 0 0 rg BT 123.58 456.82 Td (Motor ) Tj ET Q q 0 0 0 rg BT 151.08 456.82 Td (Co., ) Tj ET Q q 0 0 0 rg BT 170.25 456.82 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 188.02 456.82 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 191.35 456.82 Td (Honda ) Tj ET Q q 0 0 0 rg BT 221.07 456.82 Td (and ) Tj ET Q q 0 0 0 rg BT 238.39 456.82 Td (Acura) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.83 456.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.15 456.82 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 456.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 442.82 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 442.82 Td (oyota ) Tj ET Q q 0 0 0 rg BT 82.63 442.82 Td (Motor ) Tj ET Q q 0 0 0 rg BT 110.13 442.82 Td (Sales, ) Tj ET Q q 0 0 0 rg BT 136.24 442.82 Td (U.S.A., ) Tj ET Q q 0 0 0 rg BT 168.74 442.82 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 186.51 442.82 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.84 442.82 Td (T) Tj ET Q q 0 0 0 rg BT 194.48 442.82 Td (oyota ) Tj ET Q q 0 0 0 rg BT 219.20 442.82 Td (and ) Tj ET Q q 0 0 0 rg BT 236.70 442.82 Td (Lexus) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.03 442.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.15 442.82 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 442.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 428.82 Td (Nissan ) Tj ET Q q 0 0 0 rg BT 82.22 428.82 Td (North ) Tj ET Q q 0 0 0 rg BT 107.50 428.82 Td (America, ) Tj ET Q q 0 0 0 rg BT 146.92 428.82 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 164.69 428.82 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 168.02 428.82 Td (Nissan ) Tj ET Q q 0 0 0 rg BT 197.75 428.82 Td (and ) Tj ET Q q 0 0 0 rg BT 215.25 428.82 Td (Infiniti) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.48 428.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.15 428.82 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 428.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 414.82 Td (Ford ) Tj ET Q q 0 0 0 rg BT 73.89 414.82 Td (Motor ) Tj ET Q q 0 0 0 rg BT 101.39 414.82 Td (Company ) Tj ET Q q 0 0 0 rg BT 142.78 414.82 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.11 414.82 Td (For) Tj ET Q q 0 0 0 rg BT 160.74 414.82 Td (d ) Tj ET Q q 0 0 0 rg BT 168.24 414.82 Td (and ) Tj ET Q q 0 0 0 rg BT 185.74 414.82 Td (Lincoln) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.29 414.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.15 414.82 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 414.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 400.82 Td (Mercedes-Benz ) Tj ET Q q 0 0 0 rg BT 117.74 400.82 Td (USA, ) Tj ET Q q 0 0 0 rg BT 142.75 400.82 Td (LLC ) Tj ET Q q 0 0 0 rg BT 164.14 400.82 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 167.47 400.82 Td (Mer) Tj ET Q q 0 0 0 rg BT 183.75 400.82 Td (cedes-Benz, ) Tj ET Q q 0 0 0 rg BT 233.73 400.82 Td (smart ) Tj ET Q q 0 0 0 rg BT 259.01 400.82 Td (and ) Tj ET Q q 0 0 0 rg BT 276.51 400.82 Td (Sprinter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.29 400.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.15 400.82 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 400.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 386.82 Td (BMW) Tj ET Q q 0 0 0 rg BT 77.32 386.82 Td ( ) Tj ET Q q 0 0 0 rg BT 79.82 386.82 Td (of ) Tj ET Q q 0 0 0 rg BT 90.65 386.82 Td (North ) Tj ET Q q 0 0 0 rg BT 115.93 386.82 Td (America, ) Tj ET Q q 0 0 0 rg BT 155.35 386.82 Td (LLC ) Tj ET Q q 0 0 0 rg BT 176.74 386.82 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 180.07 386.82 Td (BMW ) Tj ET Q q 0 0 0 rg BT 205.34 386.82 Td (and ) Tj ET Q q 0 0 0 rg BT 222.84 386.82 Td (Mini) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.72 386.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.15 386.82 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 386.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 361.75 Td (Similar to automotive retailers, vehicle manufacturers may be af) Tj ET Q q 0 0 0 rg BT 321.72 361.75 Td (fected by the long-term U.S. and international economic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 349.75 Td (climate. In addition, we remain vulnerable to other matters that may impact the manufacturers of the vehicles we sell, many of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 337.75 Td (which are outside of our control, including: \(i\) changes in their respective financial condition; \(ii\) changes in their respective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 325.75 Td (marketing ef) Tj ET Q q 0 0 0 rg BT 100.13 325.75 Td (forts; \(iii\) changes in their respective reputation; \(iv\) manufacturer and other product defects, including recalls; \(v\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 313.75 Td (changes in their respective management; \(vi\) disruptions in the production and delivery of vehicles and parts due to natural ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 301.75 Td (disasters or other reasons; and \(vii\) issues with respect to labor relations. Our business is highly dependent on consumer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 289.75 Td (demand and brand preferences for our manufacturers products. Manufacturer recall campaigns are a common occurrence that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 277.75 Td (have accelerated in frequency and scope over the last several years. Manufacturer recall campaigns could adversely af) Tj ET Q q 0 0 0 rg BT 521.58 277.75 Td (fect our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 265.75 Td (new and used vehicle sales or customer residual trade-in valuations, could cause us to temporarily remove vehicles from our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 253.75 Td (inventory) Tj ET Q q 0 0 0 rg BT 87.18 253.75 Td (, could force us to incur increased costs, and could expose us to litigation and adverse publicity related to the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 241.75 Td (recalled vehicles, which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 277.26 241.75 Td (fect on our business, results of operations, financial condition and cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 229.75 Td (flows. ) Tj ET Q q 0 0 0 rg BT 76.54 229.75 Td (V) Tj ET Q q 0 0 0 rg BT 82.65 229.75 Td (ehicle manufacturers that produce vehicles outside of the U.S. are subject to additional risks including changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 217.75 Td (quotas, tarif) Tj ET Q q 0 0 0 rg BT 97.08 217.75 Td (fs or duties, fluctuations in foreign currency exchange rates, regulations governing imports and the costs related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 205.75 Td (thereto, and foreign governmental regulations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 184.75 Td (Adverse conditions that materially af) Tj ET Q q 0 0 0 rg BT 212.61 184.75 Td (fect a vehicle manufacturer and its ability to profitably design, market, produce or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 172.75 Td (distribute desirable new vehicles could in turn materially adversely af) Tj ET Q q 0 0 0 rg BT 327.83 172.75 Td (fect our ability to \(i\) sell vehicles produced by that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 160.75 Td (manufacturer) Tj ET Q q 0 0 0 rg BT 102.40 160.75 Td (, \(ii\) obtain or finance our new vehicle inventories, \(iii\) access or benefit from manufacturer financial assistance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 148.75 Td (programs, \(iv\) collect in full or on a timely basis any amounts due therefrom, and/or \(v\) obtain other goods and services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 136.75 Td (provided by the impacted manufacturer) Tj ET Q q 0 0 0 rg BT 206.66 136.75 Td (. In addition, we depend on manufacturers' ability to design, produce, and supply parts to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 124.75 Td (us and any failure to do so could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 286.45 124.75 Td (fect on our parts and services business. Our business, results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 112.75 Td (operations, financial condition, and cash flows could be materially adversely af) Tj ET Q q 0 0 0 rg BT 366.43 112.75 Td (fected as a result of any event that has an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 100.75 Td (adverse ef) Tj ET Q q 0 0 0 rg BT 90.13 100.75 Td (fect on any vehicle manufacturer) Tj ET Q q 0 0 0 rg BT 221.17 100.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 79.75 Td (In addition, if a vehicle manufacturer's financial condition worsens and it seeks protection from creditors in bankruptcy or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 67.75 Td (similar proceedings, or otherwise under the laws of its jurisdiction of or) Tj ET Q q 0 0 0 rg BT 335.92 67.75 Td (ganization, \(i\) the manufacturer could seek to terminate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 55.75 Td (or reject all or certain of our franchises, \(ii\) if the manufacturer is successful in terminating all or certain of our franchises, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 43.75 Td (may not receive adequate compensation for those franchises, \(iii\) our cost to obtain financing for our new vehicle inventory ) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (may increase or no longer be available from such manufacturer's captive finance subsidiary) Tj ET Q q 0 0 0 rg BT 414.39 744.60 Td (, \(iv\) consumer demand for such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 732.60 Td (manufacturer's products could be materially adversely af) Tj ET Q q 0 0 0 rg BT 276.03 732.60 Td (fected, especially if costs related to improving such manufacturer's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 720.60 Td (financial condition are factored into the price of its products, \(v\) there may be a significant disruption in the availability of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (consumer credit to purchase or lease that manufacturer's vehicles or negative changes in the terms of such financing, which may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (negatively impact our sales, or \(vi\) there may be a reduction in the value of receivables and inventory associated with that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (manufacturer) Tj ET Q q 0 0 0 rg BT 102.40 684.60 Td (, among other things. ) Tj ET Q q 0 0 0 rg BT 189.43 684.60 Td (The occurrence of any one or more of these events could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 523.25 684.60 Td (fect on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (our business, results of operations, financial condition, and cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 651.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 651.60 Td (Our) Tj ET Q q 0 0 0 rg BT 69.60 651.60 Td ( outstanding indebtedness, ability to incur) Tj ET Q q 0 0 0 rg BT 248.34 651.60 Td ( additional debt and the pr) Tj ET Q q 0 0 0 rg BT 362.36 651.60 Td (ovisions in the agr) Tj ET Q q 0 0 0 rg BT 439.69 651.60 Td (eements governing our) Tj ET Q q 0 0 0 rg BT 536.71 651.60 Td ( debt, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 639.60 Td (and certain other) Tj ET Q q 0 0 0 rg BT 123.20 639.60 Td ( agr) Tj ET Q q 0 0 0 rg BT 139.95 639.60 Td (eements, could have a material adverse effect on our) Tj ET Q q 0 0 0 rg BT 362.77 639.60 Td ( business, financial condition, r) Tj ET Q q 0 0 0 rg BT 494.84 639.60 Td (esults of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 627.60 Td (operations, and cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 603.60 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.94 603.60 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.53 603.60 Td (, we had total debt of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.45 603.60 Td ($879.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.34 603.60 Td (, which excludes total floor plan notes payable of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.72 603.60 Td ($732.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 591.60 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 591.60 Td (. ) Tj ET Q q 0 0 0 rg BT 83.21 591.60 Td (W) Tj ET Q q 0 0 0 rg BT 91.85 591.60 Td (e have the ability to incur substantial additional debt in the future to finance, among other things, acquisitions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 579.60 Td (working capital and capital expenditures, and new and used vehicle inventory) Tj ET Q q 0 0 0 rg BT 359.58 579.60 Td (, as well as to refinance new and used vehicle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 567.60 Td (inventory) Tj ET Q q 0 0 0 rg BT 87.18 567.60 Td (, subject in each case to the restrictions contained in our debt instruments and other agreements existing at the time ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 555.60 Td (such indebtedness is incurred.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 534.60 Td ( Our debt service obligations could have important consequences to us for the foreseeable future, including the following: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 522.60 Td (\(i\) our ability to obtain additional financing for acquisitions, capital expenditures, working capital or other general corporate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 510.60 Td (purposes may be impaired; \(ii\) a substantial portion of our cash flow from operating activities must be dedicated to the payment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 498.60 Td (of principal and interest on our debt, thereby reducing the funds available to us for our operations and other corporate purposes; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 486.60 Td (\(iii\) some of our borrowings are and will continue to be at variable rates of interest, which exposes us to risks of interest rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 474.60 Td (increases; and \(iv\) we may be or become substantially more leveraged than some of our competitors, which may place us at a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 462.60 Td (relative competitive disadvantage and make us more vulnerable to changes in market conditions and governmental regulations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 441.60 Td (In addition to our ability to incur additional debt in the future, there are operating and financial restrictions and covenants, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 429.60 Td (such as leverage covenants, in certain of our debt and mortgage agreements, including the agreement governing our senior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 417.60 Td (credit facility) Tj ET Q q 0 0 0 rg BT 102.43 417.60 Td (, the indenture governing our senior notes and our mortgage agreements and related mortgage guarantees, as well ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 405.60 Td (as certain other agreements to which we are a party that may adversely af) Tj ET Q q 0 0 0 rg BT 342.80 405.60 Td (fect our ability to finance our future operations or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 393.60 Td (capital needs or to pursue certain business activities. ) Tj ET Q q 0 0 0 rg BT 261.20 393.60 Td (These limit, among other things, our ability to incur certain additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 381.60 Td (debt, create certain liens or other encumbrances, and make certain payments \(including dividends and repurchases of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 369.60 Td (common stock and for investments\). Certain of these agreements also require us to maintain compliance with certain financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 357.60 Td (ratios.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 336.60 Td (Our failure to comply with any of these covenants in the future could constitute a default under the relevant agreement, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.60 Td (which could, depending on the relevant agreement, \(i\) entitle the creditors under such agreement to terminate our ability to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 312.60 Td (borrow under the relevant agreement and accelerate our obligations to repay outstanding borrowings; \(ii\) require us to repay ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 300.60 Td (those borrowings; \(iii\) entitle the creditors under such agreement to foreclose on the property securing the relevant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 288.60 Td (indebtedness; or \(iv\) prevent us from making debt service payments on certain of our other indebtedness, any of which would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 276.60 Td (have a material adverse ef) Tj ET Q q 0 0 0 rg BT 153.70 276.60 Td (fect on our business, financial condition, results of operations or cash flows. In many cases, a default ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 264.60 Td (under one of our debt, mortgage, or other agreements, could trigger cross-default provisions in one or more of our other debt or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 252.60 Td (mortgage agreements. ) Tj ET Q q 0 0 0 rg BT 140.12 252.60 Td (There can be no assurance that our creditors would agree to an amendment or waiver of our covenants. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 240.60 Td (the event we obtain an amendment or waiver) Tj ET Q q 0 0 0 rg BT 228.75 240.60 Td (, we would likely incur additional fees and higher interest expense.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 219.60 Td (In addition to the financial and other covenants contained in our various debt or mortgage agreements, certain of our lease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 207.60 Td (agreements contain covenants that give our landlords the right to terminate the lease, seek significant cash damages, or evict us ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 195.60 Td (from the applicable property) Tj ET Q q 0 0 0 rg BT 162.97 195.60 Td (, if we fail to comply) Tj ET Q q 0 0 0 rg BT 246.19 195.60 Td (. Similarly) Tj ET Q q 0 0 0 rg BT 287.76 195.60 Td (, our failure to comply with any financial or other covenants in any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 183.60 Td (of our framework agreements, would give the relevant manufacturer certain rights, including the right to reject proposed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 171.60 Td (acquisitions, and may give it the right to repurchase its franchises from us. Events that give rise to such rights, and our inability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 159.60 Td (to acquire additional dealerships or the requirement that we sell one or more of our dealerships at any time, could inhibit the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 147.60 Td (growth of our business, and could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 291.74 147.60 Td (fect on our business, financial condition, results of operations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 135.60 Td (cash flows. Manufacturers may also have the right to restrict our ability to provide guarantees of our operating companies, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 123.60 Td (pledges of the capital stock of our subsidiaries and liens on our assets, which could materially adversely ef) Tj ET Q q 0 0 0 rg BT 475.31 123.60 Td (fect our ability to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 111.60 Td (obtain financing for our business and operations on favorable terms or at desired levels, if at all.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 90.60 Td (The occurrence of any one of these events may limit our ability to take strategic actions that would otherwise enable us to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 78.60 Td (manage our business, in a manner in which we otherwise would, absent such limitations, which could materially adversely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 66.60 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 66.60 Td (fect our business, financial condition, results of operations and cash flows.) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 744.75 Td (Our) Tj ET Q q 0 0 0 rg BT 67.10 744.75 Td ( business, financial condition, and r) Tj ET Q q 0 0 0 rg BT 217.79 744.75 Td (esults of operations may be materially adversely affected by incr) Tj ET Q q 0 0 0 rg BT 491.73 744.75 Td (eases in inter) Tj ET Q q 0 0 0 rg BT 547.09 744.75 Td (est ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 732.75 Td (rates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 711.75 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 711.75 Td (e generally finance our purchases of new vehicle inventory) Tj ET Q q 0 0 0 rg BT 308.50 711.75 Td (, have the ability to finance the purchases of used vehicle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 699.75 Td (inventory) Tj ET Q q 0 0 0 rg BT 87.18 699.75 Td (, and have the availability to borrow funds for working capital under our senior secured credit facilities that char) Tj ET Q q 0 0 0 rg BT 536.00 699.75 Td (ge ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 687.75 Td (interest at variable rates. ) Tj ET Q q 0 0 0 rg BT 149.55 687.75 Td (Therefore, our interest expense from variable rate debt will rise with increases in interest rates. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 675.75 Td (addition, a significant rise in interest rates may also have the ef) Tj ET Q q 0 0 0 rg BT 301.46 675.75 Td (fect of depressing demand in the interest rate sensitive aspects of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 663.75 Td (our business, particularly new and used vehicle sales and the related profit mar) Tj ET Q q 0 0 0 rg BT 364.49 663.75 Td (gins and F&I revenue per vehicle, because most ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 651.75 Td (of our customers finance their vehicle purchases.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.26 651.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.76 651.75 Td (As a result, rising interest rates may have the ef) Tj ET Q q 0 0 0 rg BT 437.51 651.75 Td (fect of simultaneously ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 639.75 Td (increasing our capital costs and reducing our revenues. Given our variable interest rate debt and floor plan notes payable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 627.75 Td (outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.33 627.75 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.91 627.75 Td (, each one percent increase in market interest rates would increase our total annual interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (expense by as much as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.08 615.75 Td ($7.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.98 615.75 Td (. ) Tj ET Q q 0 0 0 rg BT 196.79 615.75 Td (When considered in connection with reduced expected sales as and if interest rates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 603.75 Td (increase, any such increase could materially adversely af) Tj ET Q q 0 0 0 rg BT 276.43 603.75 Td (fect our business, financial condition and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 582.75 Td (Our) Tj ET Q q 0 0 0 rg BT 67.10 582.75 Td ( vehicle sales, financial condition, and r) Tj ET Q q 0 0 0 rg BT 234.15 582.75 Td (esults of operations may be materially adversely affected by changes in costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 570.75 Td (or) Tj ET Q q 0 0 0 rg BT 58.76 570.75 Td ( availability of consumer) Tj ET Q q 0 0 0 rg BT 163.85 570.75 Td ( financing.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 549.75 Td (The majority of vehicles purchased by our customers are financed. Reductions in the availability of credit to consumers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 537.75 Td (have contributed to declines in our vehicle sales in past periods. Reductions in available consumer credit or increased costs of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 525.75 Td (that credit, could result in a decline in our vehicle sales, which would have a material adverse ef) Tj ET Q q 0 0 0 rg BT 433.34 525.75 Td (fect on our financial condition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 513.75 Td (and results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 492.75 Td (Lenders that have historically provided financing to those buyers who, for various reasons, do not have access to traditional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (financing, including those buyers who have a poor credit history or lack the down payment necessary to purchase a vehicle, are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (often referred to as subprime lenders. If market conditions cause subprime lenders to tighten credit standards, or if interest rates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (increase, the ability to obtain financing from subprime lenders for these consumers to purchase vehicles could become limited, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (resulting in a decline in our vehicle sales, which, in turn, could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 407.24 444.75 Td (fect on our financial condition and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 411.75 Td (Substantial competition in automobile sales and services may have a material adverse effect on our) Tj ET Q q 0 0 0 rg BT 469.84 411.75 Td ( r) Tj ET Q q 0 0 0 rg BT 476.59 411.75 Td (esults of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 390.75 Td (The automotive retail and service industry is highly competitive with respect to price, service, location, and selection. Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 378.75 Td (competition includes: \(i\) franchised automobile dealerships in our markets that sell the same or similar new and used vehicles; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 366.75 Td (\(ii\) privately negotiated sales of used vehicles; \(iii\) other used vehicle retailers, including regional and national vehicle rental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 354.75 Td (companies; \(iv\) Internet-based used vehicle brokers that sell used vehicles to consumers; \(v\) service center and parts supply ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 342.75 Td (chain stores; and \(vi\) independent service and repair shops.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 321.75 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 321.75 Td (e do not have any cost advantage over other retailers in purchasing new vehicles from manufacturers. ) Tj ET Q q 0 0 0 rg BT 480.86 321.75 Td (W) Tj ET Q q 0 0 0 rg BT 489.50 321.75 Td (e typically rely on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 309.75 Td (our advertising, merchandising, sales expertise, service reputation, strong local branding, and dealership location to sell new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 297.75 Td (vehicles. Because our dealer agreements only grant us a non-exclusive right to sell a manufacturer's product within a specified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 285.75 Td (market area, our revenues, gross profit and overall profitability may be materially adversely af) Tj ET Q q 0 0 0 rg BT 426.67 285.75 Td (fected if competing dealerships ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 273.75 Td (expand their market share. Further) Tj ET Q q 0 0 0 rg BT 187.10 273.75 Td (, our vehicle manufacturers may decide to award additional franchises in our markets in ways ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 261.75 Td (that negatively impact our sales.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 240.75 Td (The Internet has become a significant part of the advertising and sales process in our industry) Tj ET Q q 0 0 0 rg BT 437.35 240.75 Td (. Customers are using the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 228.75 Td (Internet to shop, and compare prices, for new and used vehicles, automotive repair and maintenance services, finance and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 216.75 Td (insurance products, and other automotive products. If we are unable to ef) Tj ET Q q 0 0 0 rg BT 341.72 216.75 Td (fectively use the Internet to attract customers to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 204.75 Td (own on-line channels and mobile applications, and, in turn, to our stores, our business, financial condition, results of operations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 192.75 Td (and cash flows could be materially adversely af) Tj ET Q q 0 0 0 rg BT 239.52 192.75 Td (fected. ) Tj ET Q q 0 0 0 rg BT 268.40 192.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 318.30 192.75 Td (, the growing use of social media by consumers increases the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 180.75 Td (speed and extent that information and opinions can be shared, and negative posts or comments on social media about us or any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 168.75 Td (of our stores, could damage our reputation and brand names, which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 450.28 168.75 Td (fect on our business, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 156.75 Td (financial condition, results of operations, and cash flows. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 135.75 Td ( ) Tj ET Q q 0 0 0 rg BT 61.45 135.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 111.35 135.75 Td (, if one or more companies are permitted to circumvent the state franchise laws of several states in the United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 123.75 Td (States thereby permitting them to sell their new vehicles without the requirements of establishing a dealer) Tj ET Q q 0 0 0 rg BT 471.68 123.75 Td (-network, they may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (able to have a competitive advantage over the traditional dealers, which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 467.74 111.75 Td (fect on our sales in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 99.75 Td (those states.) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 744.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.95 744.75 Td (e ar) Tj ET Q q 0 0 0 rg BT 75.14 744.75 Td (e dependent upon our) Tj ET Q q 0 0 0 rg BT 168.04 744.75 Td ( r) Tj ET Q q 0 0 0 rg BT 174.80 744.75 Td (elationships with the manufactur) Tj ET Q q 0 0 0 rg BT 315.46 744.75 Td (ers of vehicles that we sell and ar) Tj ET Q q 0 0 0 rg BT 455.54 744.75 Td (e subject to r) Tj ET Q q 0 0 0 rg BT 510.61 744.75 Td (estrictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 732.75 Td (imposed by) Tj ET Q q 0 0 0 rg BT 97.57 732.75 Td (, and significant influence fr) Tj ET Q q 0 0 0 rg BT 217.12 732.75 Td (om, these vehicle manufactur) Tj ET Q q 0 0 0 rg BT 341.91 732.75 Td (ers. ) Tj ET Q q 0 0 0 rg BT 359.13 732.75 Td (Any of these r) Tj ET Q q 0 0 0 rg BT 418.66 732.75 Td (estrictions or) Tj ET Q q 0 0 0 rg BT 474.29 732.75 Td ( any changes or) Tj ET Q q 0 0 0 rg BT 540.51 732.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 720.75 Td (deterioration of these r) Tj ET Q q 0 0 0 rg BT 147.34 720.75 Td (elationships could have a material adverse effect on our) Tj ET Q q 0 0 0 rg BT 383.80 720.75 Td ( business, financial condition, r) Tj ET Q q 0 0 0 rg BT 515.87 720.75 Td (esults of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (operations, and cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 687.75 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 687.75 Td (e are dependent on our relationships with the manufacturers of the vehicles we sell, which have the ability to exercise a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 675.75 Td (great deal of control and influence over our day-to-day operations, as a result of the terms of our dealer) Tj ET Q q 0 0 0 rg BT 461.44 675.75 Td (, framework, and related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 663.75 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 99.85 663.75 Td (W) Tj ET Q q 0 0 0 rg BT 108.49 663.75 Td (e may obtain new vehicles from manufacturers, service vehicles, sell new vehicles, and display vehicle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 651.75 Td (manufacturers' trademarks only to the extent permitted under these agreements. ) Tj ET Q q 0 0 0 rg BT 369.61 651.75 Td (The terms of these agreements may conflict ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 639.75 Td (with our interests and objectives and may impose limitations on key aspects of our operations, including acquisition strategy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 627.75 Td (and capital spending.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 606.75 Td (For example, manufacturers can set performance standards with respect to sales volume, sales ef) Tj ET Q q 0 0 0 rg BT 450.56 606.75 Td (fectiveness and customer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 594.75 Td (satisfaction, and require us to obtain manufacturer consent before we can acquire dealerships selling a manufacturer's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 582.75 Td (automobiles. From time to time, we may be precluded under agreements with certain manufacturers from acquiring additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 570.75 Td (franchises, or subject to other adverse actions, to the extent we are not meeting certain performance criteria at our existing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 558.75 Td (stores \(with respect to matters such as sales volume, customer satisfaction and sales ef) Tj ET Q q 0 0 0 rg BT 394.22 558.75 Td (fectiveness\) until our performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 546.75 Td (improves in accordance with the agreements, subject to applicable state franchise laws. In addition, many vehicle manufacturers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 534.75 Td (place limits on the total number of franchises that any group of af) Tj ET Q q 0 0 0 rg BT 311.46 534.75 Td (filiated dealerships may own and certain manufacturers place ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 522.75 Td (limits on the number of franchises or share of total brand vehicle sales that may be maintained by an af) Tj ET Q q 0 0 0 rg BT 461.13 522.75 Td (filiated dealership group ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 510.75 Td (on a national, regional or local basis, as well as limits on store ownership in contiguous markets. If we reach any of these limits, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 498.75 Td (we may be prevented from making further acquisitions, which could adversely af) Tj ET Q q 0 0 0 rg BT 374.21 498.75 Td (fect our future growth. ) Tj ET Q q 0 0 0 rg BT 467.05 498.75 Td (W) Tj ET Q q 0 0 0 rg BT 475.69 498.75 Td (e cannot provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 486.75 Td (assurance that manufacturers will approve future acquisitions timely) Tj ET Q q 0 0 0 rg BT 322.37 486.75 Td (, if at all, which could significantly impair the execution of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 474.75 Td (our acquisition strategy) Tj ET Q q 0 0 0 rg BT 142.72 474.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 453.75 Td (In addition, certain manufacturers use a dealership's manufacturer) Tj ET Q q 0 0 0 rg BT 327.65 453.75 Td (-determined customer satisfaction index \("CSI"\) score as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 441.75 Td (factor governing participation in incentive programs. ) Tj ET Q q 0 0 0 rg BT 263.42 441.75 Td (T) Tj ET Q q 0 0 0 rg BT 268.83 441.75 Td (o the extent we do not meet minimum score requirements, our future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 429.75 Td (payments may be materially reduced or we may be precluded from receiving certain incentives, which could materially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 417.75 Td (adversely af) Tj ET Q q 0 0 0 rg BT 97.90 417.75 Td (fect our business, financial condition, results of operations and cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 396.75 Td (Manufacturers also typically establish facilities and minimum capital requirements for dealerships on a case-by-case basis. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (In certain circumstances, including as a condition to obtaining consent to a proposed acquisition, a manufacturer may require us ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 372.75 Td (to remodel, upgrade or move our facilities, and capitalize the subject dealership at levels we would not otherwise choose to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 360.75 Td (fund, causing us to divert our financial resources away from uses that management believes may be of higher long-term value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 348.75 Td (to us. Delays in obtaining, or failing to obtain, manufacturer consent, would impede our ability to execute acquisitions that we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 336.75 Td (believe would integrate well with our overall strategy and limit our ability to expand our business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 315.75 Td (Manufacturers can also establish new franchises or relocate existing franchises, subject to applicable state franchise laws. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 303.75 Td (The establishment or relocation of franchises in our markets could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 421.39 303.75 Td (fect on the business, financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 291.75 Td (condition and results of operations of our dealerships in the market in which the action is taken.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 270.75 Td (Manufacturers may also limit our ability to divest one or more of our dealerships in a timely manner or at all. Most of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 258.75 Td (dealer agreements provide the manufacturer with a right of first refusal to purchase any of the manufacturer's franchises we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 246.75 Td (seek to sell. Divestitures may also require manufacturer consent and failure to obtain consent would require us to find another ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 234.75 Td (potential buyer or wait until the buyer is able to meet the requirements of the manufacturer) Tj ET Q q 0 0 0 rg BT 411.88 234.75 Td (. ) Tj ET Q q 0 0 0 rg BT 416.33 234.75 Td (A) Tj ET Q q 0 0 0 rg BT 423.00 234.75 Td ( delay in the sale of a dealership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 222.75 Td (could have a negative impact on our business, financial condition, results of operations, and cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 201.75 Td (Manufacturers may terminate or may not renew our dealer and framework agreements, or may compel us to divest our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 189.75 Td (dealerships, for a number of reasons, including default under the agreement, any unapproved change of control \(which specific ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 177.75 Td (changes vary from manufacturer to manufacturer) Tj ET Q q 0 0 0 rg BT 245.39 177.75 Td (, but which include material changes in the composition of our Board of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 165.75 Td (Directors during a specified time period, the acquisition of 5% or more of our voting stock by another vehicle manufacturer or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 153.75 Td (distributor) Tj ET Q q 0 0 0 rg BT 90.76 153.75 Td (, the acquisition of 20% or more of our voting stock by third parties, and the acquisition of an ownership interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 141.75 Td (suf) Tj ET Q q 0 0 0 rg BT 61.54 141.75 Td (ficient to direct or influence management and policies\), or certain other unapproved events \(including certain extraordinary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 129.75 Td (corporate transactions such as a mer) Tj ET Q q 0 0 0 rg BT 193.98 129.75 Td (ger or sale of all or substantially all of our assets\). ) Tj ET Q q 0 0 0 rg BT 395.97 129.75 Td (T) Tj ET Q q 0 0 0 rg BT 401.73 129.75 Td (riggers of these clauses are often based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 117.75 Td (upon actions by our stockholders and are generally outside of our control. Restrictions on any unapproved changes of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 105.75 Td (ownership or management may adversely impact our value, as they may prevent or deter prospective acquirers from gaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 93.75 Td (control of us. In addition, actions taken by a manufacturer to exploit its bar) Tj ET Q q 0 0 0 rg BT 348.96 93.75 Td (gaining position in negotiating the terms of renewals ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 81.75 Td (of franchise agreements or otherwise, could also have a material adverse ef) Tj ET Q q 0 0 0 rg BT 349.74 81.75 Td (fect on our revenues and profitability) Tj ET Q q 0 0 0 rg BT 497.65 81.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 60.75 Td (There can be no assurances that we will be able to renew our dealer and framework agreements on a timely basis, on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (acceptable terms, or at all. Our business, financial condition, and results of operations may be materially adversely af) Tj ET Q q 0 0 0 rg BT 517.77 48.75 Td (fected to ) Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (the extent that our rights become compromised or our operations are restricted due to the terms of our dealer or framework ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 732.60 Td (agreements or if we lose franchises representing a significant percentage of our revenues due to termination or failure to renew ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 720.60 Td (such agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 699.60 Td (If vehicle manufactur) Tj ET Q q 0 0 0 rg BT 141.53 699.60 Td (ers r) Tj ET Q q 0 0 0 rg BT 161.05 699.60 Td (educe or) Tj ET Q q 0 0 0 rg BT 197.25 699.60 Td ( discontinue sales incentive, warranty or) Tj ET Q q 0 0 0 rg BT 368.72 699.60 Td ( other) Tj ET Q q 0 0 0 rg BT 393.81 699.60 Td ( pr) Tj ET Q q 0 0 0 rg BT 406.13 699.60 Td (omotional pr) Tj ET Q q 0 0 0 rg BT 461.23 699.60 Td (ograms, our) Tj ET Q q 0 0 0 rg BT 512.71 699.60 Td ( financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 687.60 Td (condition, r) Tj ET Q q 0 0 0 rg BT 98.77 687.60 Td (esults of operations, and cash flows may be materially adversely affected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 666.60 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 666.60 Td (e benefit from certain sales incentive, warranty) Tj ET Q q 0 0 0 rg BT 260.46 666.60 Td (, and other promotional programs of vehicle manufacturers that are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 654.60 Td (intended to promote and support their respective new vehicle sales. Key incentive programs include: \(i\) customer rebates on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 642.60 Td (new vehicles; \(ii\) dealer incentives on new vehicles; \(iii\) special financing or leasing terms; \(iv\) warranties on new and used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 630.60 Td (vehicles; and \(v\) sponsorship of used vehicle sales by authorized new vehicle dealers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 609.60 Td (V) Tj ET Q q 0 0 0 rg BT 70.61 609.60 Td (ehicle manufacturers often make many changes to their incentive programs. ) Tj ET Q q 0 0 0 rg BT 375.77 609.60 Td (Any reduction or discontinuation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 597.60 Td (manufacturers' incentive programs for any reason, including a supply and demand imbalance, may reduce our sales volume ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 585.60 Td (which, in turn, could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 239.24 585.60 Td (fect on our results of operations, cash flows, and financial condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.60 Td (If state laws that pr) Tj ET Q q 0 0 0 rg BT 132.64 564.60 Td (otect automotive r) Tj ET Q q 0 0 0 rg BT 210.21 564.60 Td (etailers ar) Tj ET Q q 0 0 0 rg BT 253.06 564.60 Td (e r) Tj ET Q q 0 0 0 rg BT 264.26 564.60 Td (epealed, weakened, or) Tj ET Q q 0 0 0 rg BT 357.95 564.60 Td ( superseded by our) Tj ET Q q 0 0 0 rg BT 438.62 564.60 Td ( framework agr) Tj ET Q q 0 0 0 rg BT 505.63 564.60 Td (eements with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.60 Td (manufactur) Tj ET Q q 0 0 0 rg BT 99.87 552.60 Td (ers, our) Tj ET Q q 0 0 0 rg BT 132.46 552.60 Td ( dealerships will be mor) Tj ET Q q 0 0 0 rg BT 233.94 552.60 Td (e susceptible to termination, non-r) Tj ET Q q 0 0 0 rg BT 380.14 552.60 Td (enewal, or) Tj ET Q q 0 0 0 rg BT 423.84 552.60 Td ( r) Tj ET Q q 0 0 0 rg BT 430.59 552.60 Td (enegotiation of their) Tj ET Q q 0 0 0 rg BT 516.51 552.60 Td ( dealer) Tj ET Q q 0 0 0 rg BT 545.48 552.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.60 Td (agr) Tj ET Q q 0 0 0 rg BT 63.76 540.60 Td (eements,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.69 540.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.19 540.60 Td (which could have a material adverse effect our) Tj ET Q q 0 0 0 rg BT 301.58 540.60 Td ( business, financial condition, and r) Tj ET Q q 0 0 0 rg BT 452.27 540.60 Td (esults of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 519.60 Td (Applicable state laws generally provide that an automobile manufacturer may not terminate or refuse to renew a dealer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 507.60 Td (agreement unless it has first provided the dealer with written notice setting forth "good cause" and stating the grounds for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 495.60 Td (termination or non-renewal. Some state laws allow dealers to file protests or petitions or allow them to attempt to comply with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 483.60 Td (the manufacturer's criteria within a notice period to avoid the termination or non-renewal. Our framework agreements with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 471.60 Td (certain manufacturers contain provisions that, among other things, attempt to limit the protections available to dealers under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 459.60 Td (these laws, and, though unsuccessful to date, manufacturers' ongoing lobbying ef) Tj ET Q q 0 0 0 rg BT 373.54 459.60 Td (forts may lead to the repeal or revision of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 447.60 Td (laws. If these laws are repealed in the states in which we operate, manufacturers may be able to terminate our franchises ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 435.60 Td (without providing advance notice, an opportunity to cure or a showing of good cause. ) Tj ET Q q 0 0 0 rg BT 394.24 435.60 Td (W) Tj ET Q q 0 0 0 rg BT 403.27 435.60 Td (ithout the protection of these state laws, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 423.60 Td (it may also be more dif) Tj ET Q q 0 0 0 rg BT 141.79 423.60 Td (ficult for us to renew our dealer agreements upon expiration. Changes in laws that provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 411.60 Td (manufacturers the ability to terminate our dealer agreements could materially adversely af) Tj ET Q q 0 0 0 rg BT 409.44 411.60 Td (fect our business, financial condition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 399.60 Td (and results of operations. Furthermore, if a manufacturer seeks protection from creditors in bankruptcy) Tj ET Q q 0 0 0 rg BT 460.11 399.60 Td (, courts have held that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 387.60 Td (the federal bankruptcy laws may supersede the state laws that protect automotive retailers resulting in either the termination, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 375.60 Td (non-renewal or rejection of franchises by such manufacturers, which, in turn, could materially adversely af) Tj ET Q q 0 0 0 rg BT 476.66 375.60 Td (fect our business, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 363.60 Td (financial condition, and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 342.60 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 342.60 Td ( failur) Tj ET Q q 0 0 0 rg BT 82.38 342.60 Td (e of any of our) Tj ET Q q 0 0 0 rg BT 143.86 342.60 Td ( management information systems or) Tj ET Q q 0 0 0 rg BT 301.99 342.60 Td ( a data security br) Tj ET Q q 0 0 0 rg BT 379.57 342.60 Td (each with r) Tj ET Q q 0 0 0 rg BT 427.16 342.60 Td (egard to personally identifiable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 330.60 Td (information \("PII"\) about our) Tj ET Q q 0 0 0 rg BT 179.04 330.60 Td ( customers or) Tj ET Q q 0 0 0 rg BT 236.61 330.60 Td ( employees could have a material adverse effect on our) Tj ET Q q 0 0 0 rg BT 468.88 330.60 Td ( business, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 318.60 Td (condition, r) Tj ET Q q 0 0 0 rg BT 98.77 318.60 Td (esults of operations, and cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 297.60 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 297.60 Td (e depend on the ef) Tj ET Q q 0 0 0 rg BT 146.26 297.60 Td (ficient operation of our information systems and those of our third party service providers. ) Tj ET Q q 0 0 0 rg BT 510.15 297.60 Td (W) Tj ET Q q 0 0 0 rg BT 518.79 297.60 Td (e rely on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 285.60 Td (management information systems at our dealerships in all aspects of our sales and service ef) Tj ET Q q 0 0 0 rg BT 418.09 285.60 Td (forts, as well in the preparation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 273.60 Td (our consolidated financial and operating data. ) Tj ET Q q 0 0 0 rg BT 234.16 273.60 Td (All of our dealerships currently operate on a common DMS. Our business could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 261.60 Td (be significantly disrupted if \(i\) the DMS fails to integrate with other third-party management information systems, customer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 249.60 Td (relations management tools or other software, or to the extent any of these systems become unavailable to us for an extended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 237.60 Td (period of time, or \(ii\) our relationship with our DMS provider or any other third-party provider deteriorates. ) Tj ET Q q 0 0 0 rg BT 482.44 237.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 532.35 237.60 Td (, any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 225.60 Td (disruption to access and connectivity of our information systems due to natural disasters, power loss or other reasons could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 213.60 Td (disrupt our business operations, impact sales and results of operations, expose us to customer or third party claims, or result in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 201.60 Td (adverse publicity) Tj ET Q q 0 0 0 rg BT 117.44 201.60 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 180.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 114.40 180.60 Td (, in the ordinary course of business, we and our partners receive significant PII about our customers in order to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 168.60 Td (complete the sale or service of a vehicle and related products. ) Tj ET Q q 0 0 0 rg BT 298.10 168.60 Td (W) Tj ET Q q 0 0 0 rg BT 306.74 168.60 Td (e also receive PII from our employees. Numerous state and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 156.60 Td (federal regulations, as well as payment card industry and other vendor standards, govern the collection and maintenance of PII ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 144.60 Td (from consumers and other individuals. ) Tj ET Q q 0 0 0 rg BT 205.96 144.60 Td (W) Tj ET Q q 0 0 0 rg BT 214.59 144.60 Td (e believe the automotive dealership industry is a particular tar) Tj ET Q q 0 0 0 rg BT 461.27 144.60 Td (get of identity thieves, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 132.60 Td (there are numerous opportunities for a data security breach, including cyber) Tj ET Q q 0 0 0 rg BT 352.24 132.60 Td (-security breaches, bur) Tj ET Q q 0 0 0 rg BT 442.85 132.60 Td (glary) Tj ET Q q 0 0 0 rg BT 462.75 132.60 Td (, lost or misplaced data, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 120.60 Td (scams, or misappropriation of data by employees, vendors or unaf) Tj ET Q q 0 0 0 rg BT 313.42 120.60 Td (filiated third parties. Because cyber) Tj ET Q q 0 0 0 rg BT 455.10 120.60 Td (-attacks are increasing in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 108.60 Td (number and sophistication and despite the security measures we have in place and any additional measures we may implement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 96.60 Td (or adopt in the future, our facilities and systems, and those of our third-party service providers, could be vulnerable to security ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 84.60 Td (breaches, computer viruses, lost or misplaced data, programming errors, scams, bur) Tj ET Q q 0 0 0 rg BT 383.39 84.60 Td (glary) Tj ET Q q 0 0 0 rg BT 403.28 84.60 Td (, human errors, acts of vandalism, and/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 72.60 Td (or other events. ) Tj ET Q q 0 0 0 rg BT 115.87 72.60 Td (Alleged or actual data security breaches can increase costs of doing business, negatively af) Tj ET Q q 0 0 0 rg BT 478.88 72.60 Td (fect customer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 60.60 Td (satisfaction and loyalty) Tj ET Q q 0 0 0 rg BT 141.60 60.60 Td (, expose us to negative publicity) Tj ET Q q 0 0 0 rg BT 269.82 60.60 Td (, individual claims or consumer class actions, administrative, civil or ) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (criminal investigations or actions, and infringe on proprietary information, any of which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 533.88 744.60 Td (fect on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 732.60 Td (our business, financial condition, or results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 711.60 Td (Our) Tj ET Q q 0 0 0 rg BT 82.10 711.60 Td ( operations ar) Tj ET Q q 0 0 0 rg BT 141.36 711.60 Td (e subject to extensive governmental laws and r) Tj ET Q q 0 0 0 rg BT 339.20 711.60 Td (egulations. If we ar) Tj ET Q q 0 0 0 rg BT 420.68 711.60 Td (e found to be in purported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 699.60 Td (violation of or) Tj ET Q q 0 0 0 rg BT 109.31 699.60 Td ( subject to liabilities under) Tj ET Q q 0 0 0 rg BT 222.47 699.60 Td ( any of these laws or) Tj ET Q q 0 0 0 rg BT 308.67 699.60 Td ( r) Tj ET Q q 0 0 0 rg BT 315.43 699.60 Td (egulations, or) Tj ET Q q 0 0 0 rg BT 373.03 699.60 Td ( if new laws or) Tj ET Q q 0 0 0 rg BT 434.50 699.60 Td ( r) Tj ET Q q 0 0 0 rg BT 441.26 699.60 Td (egulations ar) Tj ET Q q 0 0 0 rg BT 496.36 699.60 Td (e enacted that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 687.60 Td (adversely affect our) Tj ET Q q 0 0 0 rg BT 133.73 687.60 Td ( operations, our) Tj ET Q q 0 0 0 rg BT 201.05 687.60 Td ( business, our) Tj ET Q q 0 0 0 rg BT 258.95 687.60 Td ( r) Tj ET Q q 0 0 0 rg BT 265.71 687.60 Td (eputation, financial condition, r) Tj ET Q q 0 0 0 rg BT 400.26 687.60 Td (esults of operations, and pr) Tj ET Q q 0 0 0 rg BT 515.93 687.60 Td (ospects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 675.60 Td (could suffer) Tj ET Q q 0 0 0 rg BT 99.41 675.60 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 654.60 Td (The automotive retail industry) Tj ET Q q 0 0 0 rg BT 185.21 654.60 Td (, including our facilities and operations, is subject to a wide range of federal, state, and local ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 642.60 Td (laws and regulations, such as those relating to motor vehicle sales, retail installment sales, leasing, finance and insurance, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 630.60 Td (marketing, licensing, consumer protection, consumer privacy) Tj ET Q q 0 0 0 rg BT 293.78 630.60 Td (, escheatment, anti-money laundering, environmental, vehicle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 618.60 Td (emissions and fuel economy) Tj ET Q q 0 0 0 rg BT 162.44 618.60 Td (, and health and safety) Tj ET Q q 0 0 0 rg BT 251.48 618.60 Td (. In addition, with respect to employment practices, we are subject to various ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 606.60 Td (laws and regulations, including complex federal, state, and local wage and hour and anti-discrimination laws. ) Tj ET Q q 0 0 0 rg BT 488.91 606.60 Td (The violation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 594.60 Td (the laws or regulations to which we are subject could result in administrative, civil, or criminal sanctions against us, which may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 582.60 Td (include a cease and desist order against the subject operations or even revocation or suspension of our license to operate the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 570.60 Td (subject business, as well as significant fines and penalties. ) Tj ET Q q 0 0 0 rg BT 284.54 570.60 Td (V) Tj ET Q q 0 0 0 rg BT 291.17 570.60 Td (iolation of certain laws and regulations to which we are subject ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 558.60 Td (may also subject us to consumer class action or other lawsuits or governmental investigations and adverse publicity) Tj ET Q q 0 0 0 rg BT 510.96 558.60 Td (. ) Tj ET Q q 0 0 0 rg BT 515.78 558.60 Td (W) Tj ET Q q 0 0 0 rg BT 524.42 558.60 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 546.60 Td (currently devote significant resources to comply with applicable federal, state, and local regulation of health, safety) Tj ET Q q 0 0 0 rg BT 510.34 546.60 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 534.60 Td (environmental, zoning, and land use regulations, and we may need to spend additional time, ef) Tj ET Q q 0 0 0 rg BT 427.55 534.60 Td (fort, and money to keep our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 522.60 Td (operations and existing or acquired facilities in compliance therewith.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 501.60 Td (In addition, there is a risk that our employees could engage in misconduct that violates the laws or regulations to which we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 489.60 Td (are subject. It is not always possible to detect or deter employee misconduct, and the precautions we take to detect and prevent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 477.60 Td (this activity may not be ef) Tj ET Q q 0 0 0 rg BT 153.46 477.60 Td (fective in all cases. If any of our employees were to engage in misconduct or were to be accused of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (such misconduct, our business and reputation could be adversely af) Tj ET Q q 0 0 0 rg BT 318.69 465.60 Td (fected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 444.60 Td (The Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 133.38 444.60 Td (Act, which was signed into law on July 21, 2010, established the CFPB, an independent federal agency ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 432.60 Td (funded by the United States Federal Reserve with broad regulatory powers and limited oversight from the United States ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 420.60 Td (Congress. ) Tj ET Q q 0 0 0 rg BT 91.17 420.60 Td (Although automotive dealers are generally excluded, the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 370.80 420.60 Td (Act could lead to additional, indirect regulation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 408.60 Td (of automotive dealers, in particular) Tj ET Q q 0 0 0 rg BT 189.32 408.60 Td (, their sale and marketing of finance and insurance products, through its regulation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 396.60 Td (automotive finance companies and other financial institutions. In addition, the CFPB possesses supervisory authority with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 384.60 Td (respect to certain non-bank lenders, including automotive finance companies, participating in automotive financing. ) Tj ET Q q 0 0 0 rg BT 515.28 384.60 Td (The Dodd-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 372.60 Td (Frank ) Tj ET Q q 0 0 0 rg BT 74.78 372.60 Td (Act also provided the FTC with new and expanded authority regarding automotive dealers. Since then, the FTC has been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 360.60 Td (gathering information on consumer protection issues through roundtables, public comments and consumer surveys.? Tj ET Q q 0 0 0 rg BT 512.83 360.60 Td (The FTC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 348.60 Td (may exercise its additional rule-making authority to expand consumer protection regulations relating to the sale, financing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 336.60 Td (leasing of motor vehicles. In 2014, the FTC implemented an enforcement initiative relating to the advertising practices of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.60 Td (automotive dealers. In connection therewith, in May 2016, we signed a consent order with the FTC to settle allegations that in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 312.60 Td (certain instances our advertisements did not adequately disclose information about used vehicles with open safety recalls. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 300.60 Td (Under the consent order) Tj ET Q q 0 0 0 rg BT 145.45 300.60 Td (, we did not agree to make any payments or admit wrong-doing, but we did agree to make certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 288.60 Td (disclosures in marketing materials and at the point of sale and comply with certain record-keeping obligations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 267.60 Td (Continued pressure from the CFPB, FTC, and other federal agencies could lead to significant changes in the manner that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 255.60 Td (dealers are compensated for arranging customer financing, and while it is dif) Tj ET Q q 0 0 0 rg BT 356.43 255.60 Td (ficult to predict how any such changes might ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 243.60 Td (impact us, any adverse changes could have a material adverse impact on our finance and insurance business and results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 231.60 Td (operations. Furthermore, we expect that new laws and regulations, particularly at the federal level, in other areas may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 219.60 Td (enacted, which could also materially adversely impact our business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 198.60 Td (Environmental laws and regulations govern, among other things, dischar) Tj ET Q q 0 0 0 rg BT 354.81 198.60 Td (ges into the air and water) Tj ET Q q 0 0 0 rg BT 455.20 198.60 Td (, storage of petroleum ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 186.60 Td (substances and chemicals, the handling and disposal of solid and hazardous wastes, investigation and remediation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 174.60 Td (contamination, and otherwise protective of health, safety and the environment. Similar to many of our competitors, we have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 162.60 Td (incurred and expect to continue to incur capital and operating expenditures and other costs to comply with such federal and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 150.60 Td (state statutes. In addition, we may become subject to broad liabilities arising out of contamination at our currently and formerly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 138.60 Td (owned or operated facilities, at locations to which hazardous substances were transported from such facilities, and at such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 126.60 Td (locations related to entities formerly af) Tj ET Q q 0 0 0 rg BT 204.54 126.60 Td (filiated with us. For such potential liabilities, we believe we are entitled to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 114.60 Td (indemnification from other entities. However) Tj ET Q q 0 0 0 rg BT 230.43 114.60 Td (, we cannot assure you that such entities will view their obligations as we do or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 102.60 Td (will be able or willing to satisfy them. Failure to comply with applicable laws and regulations, or significant additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 90.60 Td (expenditures required to maintain compliance therewith, could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 406.95 90.60 Td (fect on our business, results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 78.60 Td (operations, financial condition, or cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 57.60 Td (A) Tj ET Q q 0 0 0 rg BT 71.17 57.60 Td ( significant judgment against us or the imposition of a significant fine could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 481.15 57.60 Td (fect on our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 45.60 Td (business, financial condition and future prospects. ) Tj ET Q q 0 0 0 rg BT 252.05 45.60 Td (W) Tj ET Q q 0 0 0 rg BT 260.69 45.60 Td (e further expect that, from time to time, new laws and regulations, ) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (particularly in the environmental area will be enacted, and compliance with such laws, or penalties for failure to comply) Tj ET Q q 0 0 0 rg BT 529.23 744.60 Td (, could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 732.60 Td (significantly increase our costs. For example, vehicle manufacturers are subject to government-mandated fuel economy and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 720.60 Td (greenhouse gas emission standards, which continue to change and become more stringent over time. Specifically) Tj ET Q q 0 0 0 rg BT 500.38 720.60 Td (, vehicle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (manufacturers are subject to corporate average fuel economy standards \("CAFE"\) for passenger cars and light trucks. Failure of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (a manufacturer to develop passenger vehicles and light trucks that meet CAFE and/or greenhouse gas emission standards could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (subject the manufacturer to substantial penalties, increase the cost of vehicles sold to us, and adversely af) Tj ET Q q 0 0 0 rg BT 470.29 684.60 Td (fect our ability to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (market and sell vehicles to meet consumer needs and desires, which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 452.77 672.60 Td (fect on our business, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (results of operations, financial condition, or cash flows.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 639.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.95 639.60 Td (e ar) Tj ET Q q 0 0 0 rg BT 75.14 639.60 Td (e subject to risks r) Tj ET Q q 0 0 0 rg BT 153.28 639.60 Td (elated to the pr) Tj ET Q q 0 0 0 rg BT 217.81 639.60 Td (ovision of employee health car) Tj ET Q q 0 0 0 rg BT 346.50 639.60 Td (e benefits, which could have a material adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 627.60 Td (effect on our) Tj ET Q q 0 0 0 rg BT 103.19 627.60 Td ( business, financial condition, r) Tj ET Q q 0 0 0 rg BT 235.26 627.60 Td (esults of operations, and cash flows. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.50 606.60 Td (W) Tj ET Q q 0 0 0 rg BT 71.14 606.60 Td (e use a combination of insurance and self-insurance for health care plans. ) Tj ET Q q 0 0 0 rg BT 366.67 606.60 Td (W) Tj ET Q q 0 0 0 rg BT 375.31 606.60 Td (e record expenses under those plans based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 594.60 Td (estimates of the costs of expected claims, administrative costs, stop-loss insurance premiums, and expected health care trends. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 582.60 Td (Actual costs under these plans are subject to variability that is dependent upon participant enrollment, demographics, and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 570.60 Td (actual costs of claims made. Negative trends in any of these areas could cause us to incur additional unplanned health care ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 558.60 Td (costs, which could adversely impact our business, financial condition, results of operations, and cash flows. In addition, if ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 546.60 Td (enrollment in our health care plans increases significantly) Tj ET Q q 0 0 0 rg BT 279.60 546.60 Td (, the additional costs that we will incur may be significant enough to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 534.60 Td (materially af) Tj ET Q q 0 0 0 rg BT 100.13 534.60 Td (fect our business, financial condition, results of operations, and cash flows. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.95 513.60 Td (e ar) Tj ET Q q 0 0 0 rg BT 75.14 513.60 Td (e, and expect to continue to be, subject to legal and administrative pr) Tj ET Q q 0 0 0 rg BT 368.28 513.60 Td (oceedings, which, if the outcomes ar) Tj ET Q q 0 0 0 rg BT 521.14 513.60 Td (e adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (to us, could have a material adverse effect on our) Tj ET Q q 0 0 0 rg BT 258.17 501.60 Td ( business, financial condition, r) Tj ET Q q 0 0 0 rg BT 390.24 501.60 Td (esults of operations, and cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 480.60 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 480.60 Td (e are involved and expect to continue to be involved in numerous legal proceedings arising out of the conduct of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 468.60 Td (business, including litigation with customers, employment-related lawsuits, class actions, purported class actions, and actions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 456.60 Td (brought by governmental authorities. ) Tj ET Q q 0 0 0 rg BT 200.12 456.60 Td (W) Tj ET Q q 0 0 0 rg BT 208.76 456.60 Td (e do not believe that the ultimate resolution of any known matters will have a material ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 444.60 Td (adverse ef) Tj ET Q q 0 0 0 rg BT 90.13 444.60 Td (fect on our business, financial condition, results of operations, or cash flows. However) Tj ET Q q 0 0 0 rg BT 435.75 444.60 Td (, the results of these matters ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 432.60 Td (cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 184.91 432.60 Td (, and an unfavorable resolution of one or more of these matters could have a material adverse ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 420.60 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 420.60 Td (fect on our business, financial condition, results of operations and cash flows.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 399.60 Td (Pr) Tj ET Q q 0 0 0 rg BT 59.87 399.60 Td (operty loss or) Tj ET Q q 0 0 0 rg BT 117.45 399.60 Td ( other) Tj ET Q q 0 0 0 rg BT 142.54 399.60 Td ( uninsur) Tj ET Q q 0 0 0 rg BT 178.22 399.60 Td (ed liabilities could have a material adverse impact on our) Tj ET Q q 0 0 0 rg BT 421.63 399.60 Td ( r) Tj ET Q q 0 0 0 rg BT 428.39 399.60 Td (esults of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 378.60 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 378.60 Td (e are subject to substantial risk of property loss due to the significant concentration of property at dealership locations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 366.60 Td (including vehicles and parts. ) Tj ET Q q 0 0 0 rg BT 166.23 366.60 Td (W) Tj ET Q q 0 0 0 rg BT 174.87 366.60 Td (e have historically experienced business interruptions from time to time at several of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 354.60 Td (dealerships, due to actual or threatened adverse weather conditions or natural disasters, such as hurricanes, tornadoes, floods, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 342.60 Td (and hail storms, or other extraordinary events. Concentration of property at dealership locations also makes the automotive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 330.60 Td (retail business particularly vulnerable to theft, fraud, and misappropriation of assets. Illegal or unethical conduct by employees, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 318.60 Td (customers, vendors, and unaf) Tj ET Q q 0 0 0 rg BT 166.23 318.60 Td (filiated third parties can result in loss of assets, disrupt operations, impact brand reputation, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 306.60 Td (jeopardize manufacturer and other relationships, result in the imposition of fines or penalties, and subject us to governmental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 294.60 Td (investigations or lawsuits. ) Tj ET Q q 0 0 0 rg BT 155.98 294.60 Td (While we maintain insurance to protect against a number of losses, this insurance coverage often ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 282.60 Td (contains significant deductibles. In addition, we "self-insure" a portion of our potential liabilities, meaning we do not carry ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 270.60 Td (insurance from a third-party for such liabilities, and are wholly responsible for any related losses including for certain potential ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 258.60 Td (liabilities that some states prohibit the maintenance of insurance to protect against. In certain instances, our insurance may not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 246.60 Td (fully cover a loss depending on the applicable deductible or the magnitude and nature of the claim. ) Tj ET Q q 0 0 0 rg BT 446.59 246.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 496.50 246.60 Td (, changes in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 234.60 Td (cost or availability of insurance in the future could substantially increase our costs to maintain our current level of coverage or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 222.60 Td (could cause us to reduce our insurance coverage and increase our self-insured risks. ) Tj ET Q q 0 0 0 rg BT 386.41 222.60 Td (T) Tj ET Q q 0 0 0 rg BT 391.82 222.60 Td (o the extent we incur significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 210.60 Td (additional costs for insurance, suf) Tj ET Q q 0 0 0 rg BT 184.01 210.60 Td (fer losses that are not covered by in-force insurance or suf) Tj ET Q q 0 0 0 rg BT 415.96 210.60 Td (fer losses for which we are self-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 198.60 Td (insured, our financial condition, results of operations, or cash flows could be materially adversely impacted.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.60 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 177.60 Td ( decline in our) Tj ET Q q 0 0 0 rg BT 116.82 177.60 Td ( cr) Tj ET Q q 0 0 0 rg BT 128.02 177.60 Td (edit rating or) Tj ET Q q 0 0 0 rg BT 184.50 177.60 Td ( a general disruption in the cr) Tj ET Q q 0 0 0 rg BT 310.98 177.60 Td (edit markets could negatively impact our) Tj ET Q q 0 0 0 rg BT 485.50 177.60 Td ( liquidity and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.60 Td (ability to conduct our) Tj ET Q q 0 0 0 rg BT 141.27 165.60 Td ( operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 144.60 Td (A) Tj ET Q q 0 0 0 rg BT 71.17 144.60 Td ( deterioration of our credit rating, or a general disruption in the credit markets, could limit our ability to obtain credit on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 132.60 Td (terms acceptable to us, or at all. In addition, uncertain economic conditions or the re-pricing of certain credit risks may make it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 120.60 Td (more dif) Tj ET Q q 0 0 0 rg BT 83.47 120.60 Td (ficult for us to obtain one or more types of funding in the amounts, or at rates considered acceptable to us, at any given ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 108.60 Td (time. Our inability to access necessary or desirable funding, or to enter into certain related transactions, at times and at costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 96.60 Td (deemed appropriate by us, could have a negative impact on our liquidity and our ability to conduct our operations. ) Tj ET Q q 0 0 0 rg BT 508.54 96.60 Td (Any of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 84.60 Td (developments could also reduce the ability or willingness of the financial institutions that have extended credit commitments to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 72.60 Td (us, or that have entered into hedge or similar transactions with us, to fulfill their obligations to us, which also could have a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 60.60 Td (material adverse ef) Tj ET Q q 0 0 0 rg BT 125.38 60.60 Td (fect on our liquidity and our ability to conduct our operations.) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 744.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.95 744.75 Td (e ar) Tj ET Q q 0 0 0 rg BT 75.14 744.75 Td (e subject to risks of doing business with manufactur) Tj ET Q q 0 0 0 rg BT 296.10 744.75 Td (ers that pr) Tj ET Q q 0 0 0 rg BT 340.91 744.75 Td (oduce vehicles outside of the United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 732.75 Td (including import pr) Tj ET Q q 0 0 0 rg BT 133.78 732.75 Td (oduct r) Tj ET Q q 0 0 0 rg BT 164.43 732.75 Td (estrictions or) Tj ET Q q 0 0 0 rg BT 220.06 732.75 Td ( limitations, for) Tj ET Q q 0 0 0 rg BT 285.71 732.75 Td (eign trade risks, and curr) Tj ET Q q 0 0 0 rg BT 394.13 732.75 Td (ency valuations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 711.75 Td (A) Tj ET Q q 0 0 0 rg BT 71.17 711.75 Td ( portion of our business involves the sale of vehicles, parts or vehicles composed of parts that are manufactured outside ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 699.75 Td (the United States. ) Tj ET Q q 0 0 0 rg BT 122.27 699.75 Td (As a result, our operations are subject to risks of doing business outside of the United States and importing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 687.75 Td (merchandise, including import duties, exchange rates, trade restrictions, work stoppages, natural or man-made disasters, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 675.75 Td (general political and socio-economic conditions in other countries. ) Tj ET Q q 0 0 0 rg BT 318.41 675.75 Td (The United States or the countries from which our products ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 663.75 Td (are imported may) Tj ET Q q 0 0 0 rg BT 119.38 663.75 Td (, from time to time, impose new quotas, duties, tarif) Tj ET Q q 0 0 0 rg BT 326.66 663.75 Td (fs or other restrictions or limitations, or adjust presently ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 651.75 Td (prevailing quotas, duties, or tarif) Tj ET Q q 0 0 0 rg BT 179.84 651.75 Td (fs, which may af) Tj ET Q q 0 0 0 rg BT 246.31 651.75 Td (fect our operations and our ability to purchase imported vehicles and/or parts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 639.75 Td (at reasonable prices. Relative weakness of the U.S. dollar against foreign currencies in the future may result in an increase in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 627.75 Td (costs to us and in the retail price of such vehicles or parts, which could discourage consumers from purchasing such vehicles ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (and adversely impact our revenues and profitability) Tj ET Q q 0 0 0 rg BT 254.89 615.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 594.75 Td (If we ar) Tj ET Q q 0 0 0 rg BT 82.64 594.75 Td (e unable to acquir) Tj ET Q q 0 0 0 rg BT 159.41 594.75 Td (e and successfully integrate additional dealerships into our) Tj ET Q q 0 0 0 rg BT 408.96 594.75 Td ( business, our) Tj ET Q q 0 0 0 rg BT 466.86 594.75 Td ( r) Tj ET Q q 0 0 0 rg BT 473.62 594.75 Td (evenue and earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 582.75 Td (gr) Tj ET Q q 0 0 0 rg BT 58.76 582.75 Td (owth may be adversely affected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 561.75 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 561.75 Td (e believe that the automotive retailing industry is a mature industry whose sales are significantly impacted by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 549.75 Td (prevailing economic climate, both nationally and in local markets. ) Tj ET Q q 0 0 0 rg BT 316.37 549.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 365.70 549.75 Td (, we believe that our future growth depends in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 537.75 Td (part on our ability to manage expansion, control costs in our operations and acquire and ef) Tj ET Q q 0 0 0 rg BT 410.33 537.75 Td (fectively integrate acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 525.75 Td (dealerships into our or) Tj ET Q q 0 0 0 rg BT 139.02 525.75 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 185.49 525.75 Td (When seeking to acquire other dealerships, we often compete with several other national, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 513.75 Td (regional and local dealership groups, and other strategic and financial buyers, some of which may have greater financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 501.75 Td (resources than us. Competition for attractive acquisition tar) Tj ET Q q 0 0 0 rg BT 286.47 501.75 Td (gets may result in fewer acquisition opportunities for us and we may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (have to for) Tj ET Q q 0 0 0 rg BT 92.63 489.75 Td (go acquisition opportunities to the extent we cannot negotiate such acquisitions on acceptable terms.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 468.75 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 468.75 Td (e also face additional risks commonly encountered with growth through acquisitions. ) Tj ET Q q 0 0 0 rg BT 415.66 468.75 Td (These risks include, but are not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (limited to: \(i\) failing to obtain manufacturers' consents to acquisitions of additional franchises; \(ii\) incurring significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (transaction-related costs for both completed and failed acquisitions; \(iii\) incurring significantly higher capital expenditures and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (operating expenses; \(iv\) failing to integrate the operations and personnel of the acquired dealerships and impairing relationships ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (with employees; \(v\) incorrectly valuing entities to be acquired or incurring undisclosed liabilities at acquired dealerships; \(vi\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (disrupting our ongoing business and diverting our management resources to newly acquired dealerships; \(vii\) failing to achieve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (expected performance levels; and \(viii\) impairing relationships with manufacturers and customers as a result of changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (management.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 363.75 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 363.75 Td (e may not adequately anticipate all the demands that our growth will impose on our personnel, procedures and structures, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 351.75 Td (including our financial and reporting control systems, data processing systems, and management structure. Moreover) Tj ET Q q 0 0 0 rg BT 517.31 351.75 Td (, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 339.75 Td (failure to retain qualified management personnel at any acquired dealership may increase the risks associated with integrating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 327.75 Td (the acquired dealership. If we cannot adequately anticipate and respond to these demands, we may fail to realize acquisition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 315.75 Td (syner) Tj ET Q q 0 0 0 rg BT 70.98 315.75 Td (gies and our resources will be focused on incorporating new operations into our structure rather than on areas that may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 303.75 Td (more profitable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 282.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.95 282.75 Td (e ar) Tj ET Q q 0 0 0 rg BT 75.14 282.75 Td (e a holding company and as a r) Tj ET Q q 0 0 0 rg BT 207.49 282.75 Td (esult ar) Tj ET Q q 0 0 0 rg BT 239.25 282.75 Td (e dependent on our) Tj ET Q q 0 0 0 rg BT 321.02 282.75 Td ( operating subsidiaries to generate sufficient cash and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.75 Td (distribute cash to us to service our) Tj ET Q q 0 0 0 rg BT 195.42 270.75 Td ( indebtedness and fund our) Tj ET Q q 0 0 0 rg BT 311.39 270.75 Td ( ongoing operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 249.75 Td (Our ability to make payments on our indebtedness and fund our ongoing operations depends on our operating subsidiaries' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (ability to generate cash in the future and distribute that cash to us. It is possible that our subsidiaries may not generate cash from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 225.75 Td (operations in an amount suf) Tj ET Q q 0 0 0 rg BT 160.41 225.75 Td (ficient to enable us to service our indebtedness. In addition, many of our subsidiaries are required to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 213.75 Td (comply with the provisions of franchise agreements, dealer agreements, other agreements with manufacturers, mortgages, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 201.75 Td (credit facility providers. Many of these agreements contain minimum working capital or net worth requirements, and are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 189.75 Td (subject to change at least annually) Tj ET Q q 0 0 0 rg BT 185.75 189.75 Td (. ) Tj ET Q q 0 0 0 rg BT 190.19 189.75 Td (Although the requirements contained in these agreements did not restrict our subsidiaries ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 177.75 Td (from distributing cash to us as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.65 177.75 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.23 177.75 Td (, unexpected changes to our franchise agreements, dealer agreements, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 165.75 Td (other agreements with manufacturers could require us to alter the manner in which we distribute or use cash. If our operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 153.75 Td (subsidiaries are unable to generate and distribute suf) Tj ET Q q 0 0 0 rg BT 258.97 153.75 Td (ficient cash to us to service our indebtedness and fund our ongoing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 141.75 Td (operations, our financial condition may be materially adversely af) Tj ET Q q 0 0 0 rg BT 312.83 141.75 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.75 Td (Goodwill and manufactur) Tj ET Q q 0 0 0 rg BT 159.89 120.75 Td (er) Tj ET Q q 0 0 0 rg BT 168.59 120.75 Td ( franchise rights comprise a significant portion of our) Tj ET Q q 0 0 0 rg BT 396.17 120.75 Td ( total assets. ) Tj ET Q q 0 0 0 rg BT 449.87 120.75 Td (W) Tj ET Q q 0 0 0 rg BT 459.32 120.75 Td (e must test our) Tj ET Q q 0 0 0 rg BT 522.18 120.75 Td ( goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.75 Td (and manufactur) Tj ET Q q 0 0 0 rg BT 118.49 108.75 Td (er) Tj ET Q q 0 0 0 rg BT 127.19 108.75 Td ( franchise rights for) Tj ET Q q 0 0 0 rg BT 211.72 108.75 Td ( impairment at least annually) Tj ET Q q 0 0 0 rg BT 336.72 108.75 Td (, which could r) Tj ET Q q 0 0 0 rg BT 399.88 108.75 Td (esult in a material, non-cash write-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.75 Td (down of goodwill or) Tj ET Q q 0 0 0 rg BT 134.05 96.75 Td ( manufactur) Tj ET Q q 0 0 0 rg BT 186.92 96.75 Td (er) Tj ET Q q 0 0 0 rg BT 195.62 96.75 Td ( franchise rights and could have a material adverse effect on our) Tj ET Q q 0 0 0 rg BT 469.57 96.75 Td ( r) Tj ET Q q 0 0 0 rg BT 476.33 96.75 Td (esults of operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.75 Td (and stockholders' equity) Tj ET Q q 0 0 0 rg BT 153.41 84.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 63.75 Td (Our principal intangible assets are goodwill and our rights under our franchise agreements with vehicle manufacturers.?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 51.75 Td (Goodwill and indefinite-lived intangible assets, including manufacturer franchise rights, are subject to impairment assessments ) Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (at least annually \(or more frequently when events or changes in circumstances indicate that an impairment may have occurred\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 732.60 Td (by applying a qualitative or quantitative assessment. ) Tj ET Q q 0 0 0 rg BT 260.56 732.60 Td (A) Tj ET Q q 0 0 0 rg BT 267.23 732.60 Td ( decrease in our market capitalization or profitability increases the risk of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 720.60 Td (goodwill impairment. ) Tj ET Q q 0 0 0 rg BT 138.47 720.60 Td (The fair value of our manufacturer franchise rights is determined by discounting a sub-set of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (projected cash flows at a dealership that we attribute to the value of the franchise. Changes to the business mix or declining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (cash flows in a dealership increase the risk of impairment. ) Tj ET Q q 0 0 0 rg BT 284.15 696.60 Td (An impairment loss could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 494.45 696.60 Td (fect on our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (results of operations and stockholders' equity) Tj ET Q q 0 0 0 rg BT 229.23 684.60 Td (. During 2017, we recorded non-cash impairment char) Tj ET Q q 0 0 0 rg BT 448.42 684.60 Td (ges of?5.1 million \($3.2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (million after) Tj ET Q q 0 0 0 rg BT 99.01 672.60 Td (-tax\) associated with franchise rights recorded at certain dealerships. See Note? of the Notes to Consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (Financial Statements for more information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.25 636.60 Td (echnological advances, including incr) Tj ET Q q 0 0 0 rg BT 213.97 636.60 Td (eases in ride sharing applications, electric vehicles and autonomous vehicles in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.60 Td (the long-term could have a material adverse effect on our) Tj ET Q q 0 0 0 rg BT 293.43 624.60 Td ( business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 600.60 Td ( ) Tj ET Q q 0 0 0 rg BT 61.82 600.60 Td (The automotive industry is predicted to experience change over the long-term. Shared vehicle services such as Uber and L) Tj ET Q q 0 0 0 rg BT 550.81 600.60 Td (yft ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 588.60 Td (provide consumers with increased choice in their personal mobility options. ) Tj ET Q q 0 0 0 rg BT 355.08 588.60 Td (The ef) Tj ET Q q 0 0 0 rg BT 380.72 588.60 Td (fect of these and similar mobility options on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 576.60 Td (the retail automotive industry is uncertain, and may include lower levels of new vehicles sales, but with increasing miles driven, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 564.60 Td (which could require additional demand for vehicle maintenance. In addition, technological advances are facilitating the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 552.60 Td (development of driverless vehicles. ) Tj ET Q q 0 0 0 rg BT 193.44 552.60 Td (The eventual timing of availability of driverless vehicles is uncertain due to regulatory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 540.60 Td (requirements, additional technological requirements, and uncertain consumer acceptance of these vehicles. ) Tj ET Q q 0 0 0 rg BT 478.59 540.60 Td (The ef) Tj ET Q q 0 0 0 rg BT 504.22 540.60 Td (fect of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 528.60 Td (driverless vehicles on the automotive retail industry is uncertain and could include changes in the level of new and used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 516.60 Td (vehicles sales, the price of new vehicles, and the role of franchised dealers, any of which could materially adversely af) Tj ET Q q 0 0 0 rg BT 523.02 516.60 Td (fect our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 504.60 Td (business, financial condition and results of operations.?) Tj ET Q q 0 0 0 rg BT 271.50 504.60 Td (The widespread adoption of electric and battery powered vehicles also ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 492.60 Td (could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 178.42 492.60 Td (fect on the profitability of our parts and service business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.60 Td (Item 1B. Unr) Tj ET Q q 0 0 0 rg BT 105.70 468.60 Td (esolved Staff Comments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 447.60 Td (None.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 423.60 Td (Item 2. Pr) Tj ET Q q 0 0 0 rg BT 92.36 423.60 Td (operties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 406.60 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 406.60 Td (e lease our corporate headquarters, which is located at 2905 Premiere Parkway) Tj ET Q q 0 0 0 rg BT 387.36 406.60 Td (, NW) Tj ET Q q 0 0 0 rg BT 408.10 406.60 Td (, Suite 300, Duluth, Geor) Tj ET Q q 0 0 0 rg BT 508.75 406.60 Td (gia 30097. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 394.60 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.94 394.60 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.53 394.60 Td (, our operations encompassed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.33 394.60 Td (80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.33 394.60 Td ( franchised dealership locations throughout ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.56 394.60 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.56 394.60 Td ( states, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.21 394.60 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.21 394.60 Td ( collision ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 382.60 Td (repair centers as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 346.10 292.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 346.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 346.10 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 346.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 346.10 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 346.10 21.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 346.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 346.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 346.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 346.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 318.10 292.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 318.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 318.10 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 318.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 318.10 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 318.10 21.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 318.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 318.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 318.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 318.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 290.10 292.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 290.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 290.10 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 290.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 290.10 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 290.10 21.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 290.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 290.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 290.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 290.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 262.10 292.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 262.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 262.10 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 262.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 262.10 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 262.10 21.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 262.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 262.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 262.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 262.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 234.10 292.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 234.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 234.10 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 234.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 234.10 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 234.10 21.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 234.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 234.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 234.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 234.10 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 359.1 m 388 359.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 359.1 m 392 359.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 359.1 m 434 359.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 359.1 m 509 359.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 359.1 m 513 359.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 359.1 m 563 359.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 346.1 m 342 346.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 346.1 m 388 346.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 346.1 m 434 346.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 346.1 m 509 346.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 346.1 m 563 346.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 234.10000000000002 m 388 234.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 221.10000000000002 m 388 221.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 219.10000000000002 m 388 219.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 234.10000000000002 m 434 234.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 221.10000000000002 m 434 221.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 219.10000000000002 m 434 219.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 234.10000000000002 m 509 234.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 221.10000000000002 m 509 221.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 219.10000000000002 m 509 219.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 234.10000000000002 m 563 234.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 221.10000000000002 m 563 221.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 219.10000000000002 m 563 219.10000000000002 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.00 363.50 Td (Dealerships) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.50 363.36 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.05 363.50 Td (Collision Repair) Tj ET Q q 0 0 0 rg BT 525.72 363.50 Td ( Centers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 350.50 Td (Dealership Gr) Tj ET Q q 0 0 0 rg BT 107.08 350.50 Td (oup:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.70 350.50 Td (Owned) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.00 350.50 Td (Leased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.50 350.36 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.70 350.50 Td (Owned) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.00 350.50 Td (Leased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 336.67 Td (Coggin ) Tj ET Q q 0 0 0 rg BT 84.17 336.67 Td (Automotive Group) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 336.67 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 336.67 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.50 336.67 Td (\(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.15 336.67 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 336.67 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 322.67 Td (Courtesy ) Tj ET Q q 0 0 0 rg BT 90.83 322.67 Td (Autogroup) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 322.67 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 322.67 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.15 322.67 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 322.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 308.67 Td (Crown ) Tj ET Q q 0 0 0 rg BT 81.95 308.67 Td (Automotive Company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 308.67 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 308.67 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.50 308.67 Td (\(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.15 308.67 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 308.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 294.67 Td (David McDavid ) Tj ET Q q 0 0 0 rg BT 119.43 294.67 Td (Auto Group) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 294.67 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 294.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.15 294.67 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 294.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 280.67 Td (Gray-Daniels ) Tj ET Q q 0 0 0 rg BT 108.59 280.67 Td (Auto Family) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 280.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 280.67 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.50 280.67 Td (\(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.15 280.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 280.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 266.67 Td (Hare ) Tj ET Q q 0 0 0 rg BT 74.15 266.67 Td (Automotive Group) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 266.67 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 266.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.15 266.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 266.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 252.67 Td (Nalley ) Tj ET Q q 0 0 0 rg BT 81.38 252.67 Td (Automotive Group) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 252.67 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 252.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.15 252.67 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 252.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 238.67 Td (Plaza Motor Company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 238.67 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 238.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.50 238.67 Td (\(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.15 238.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 238.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 224.67 Td ( ) Tj ET Q q 0 0 0 rg BT 54.82 224.67 Td (T) Tj ET Q q 0 0 0 rg BT 60.23 224.67 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 224.67 Td (61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 224.67 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.15 224.67 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 224.67 Td (7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 208.60 Td (________________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 196.60 Td (\(a\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 196.60 Td (Includes one dealership that leases a new vehicle facility and operates a separate used vehicle facility that is owned.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 184.60 Td (\(b\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 184.60 Td (Includes one dealership location where we lease the underlying land but own the building facilities on that land.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.60 Td (Item 3. Legal Pr) Tj ET Q q 0 0 0 rg BT 118.74 163.60 Td (oceedings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 139.60 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 139.60 Td (From time to time, we and our dealerships are involved and will continue to be involved in various claims relating to, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 127.60 Td (arising out of, our business and our operations. ) Tj ET Q q 0 0 0 rg BT 239.29 127.60 Td (These claims may involve, but are not limited to, financial and other audits by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 115.60 Td (vehicle manufacturers or lenders, and certain federal, state, and local government authorities, which relate primarily to \(i\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 103.60 Td (incentive and warranty payments received from vehicle manufacturers, or allegations of violations of manufacturer agreements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 91.60 Td (or policies, \(ii\) compliance with lender rules and covenants and \(iii\) payments made to government authorities relating to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 79.60 Td (federal, state, and local taxes, as well as compliance with other government regulations. Claims may also arise through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 67.60 Td (litigation, government proceedings, and other dispute resolution processes. Such claims, including class actions, can relate to, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 55.60 Td (but are not limited to, the practice of char) Tj ET Q q 0 0 0 rg BT 215.09 55.60 Td (ging administrative fees, employment-related matters, truth-in-lending practices, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 43.60 Td (contractual disputes, actions brought by governmental authorities, and other matters. ) Tj ET Q q 0 0 0 rg BT 390.06 43.60 Td (W) Tj ET Q q 0 0 0 rg BT 398.70 43.60 Td (e evaluate pending and threatened ) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (claims and establish loss contingency reserves based upon outcomes we currently believe to be probable and reasonably ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 732.60 Td (estimable. ) Tj ET Q q 0 0 0 rg BT 92.64 732.60 Td (W) Tj ET Q q 0 0 0 rg BT 101.28 732.60 Td (e do not believe that the ultimate resolution of the claims we are involved in will have a material adverse ef) Tj ET Q q 0 0 0 rg BT 530.39 732.60 Td (fect on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 720.60 Td (our business, results of operations, financial condition, cash flow and prospects.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (Item?. Mine Safety Disclosur) Tj ET Q q 0 0 0 rg BT 175.69 696.60 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 672.60 Td (Not applicable.) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.85 744.75 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 744.75 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 744.75 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 744.75 Td ( II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 720.75 Td (Item 5. ) Tj ET Q q 0 0 0 rg BT 90.00 720.75 Td (Market for) Tj ET Q q 0 0 0 rg BT 137.29 720.75 Td ( Registrant's Common Equity) Tj ET Q q 0 0 0 rg BT 264.25 720.75 Td (, Related Stockholder) Tj ET Q q 0 0 0 rg BT 356.01 720.75 Td ( Matters, and Issuer) Tj ET Q q 0 0 0 rg BT 441.93 720.75 Td ( Pur) Tj ET Q q 0 0 0 rg BT 460.36 720.75 Td (chases of Equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 708.75 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 691.75 Td (Our common stock is traded on the New ) Tj ET Q q 0 0 0 rg BT 228.54 691.75 Td (Y) Tj ET Q q 0 0 0 rg BT 234.76 691.75 Td (ork Stock Exchange \(the "NYSE"\) under the symbol "ABG." Quarterly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 679.75 Td (information concerning our high and low closing sales price per share of our common stock as reported by the NYSE is as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 667.75 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 631.25 359.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 631.25 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 631.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 631.25 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 603.25 359.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 603.25 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 603.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 603.25 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 575.25 359.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 575.25 69.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 575.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 575.25 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 548.25 359.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 548.25 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 548.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 548.25 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 520.25 359.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 520.25 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 520.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 520.25 66.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 644.25 m 478 644.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 644.25 m 548 644.25 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 648.51 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.45 648.65 Td (High) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.95 648.65 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 634.98 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 79.81 634.98 Td (Y) Tj ET Q q 0 0 0 rg BT 86.29 634.98 Td (ear) Tj ET Q q 0 0 0 rg BT 99.52 634.98 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 175.44 634.98 Td (?1, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 621.82 Td (First Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.50 621.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.65 621.82 Td (66.52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 621.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 621.82 Td (45.07) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 607.82 Td (Second Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.65 607.82 Td (62.61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 607.82 Td (51.97) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 593.82 Td (Third Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.65 593.82 Td (61.44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 593.82 Td (50.57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 579.82 Td (Fourth Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.50 579.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.65 579.82 Td (65.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 579.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 579.82 Td (48.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 565.98 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 79.62 565.98 Td (Y) Tj ET Q q 0 0 0 rg BT 85.74 565.98 Td (ear) Tj ET Q q 0 0 0 rg BT 99.43 565.98 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 175.35 565.98 Td (?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 552.82 Td (First Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.50 552.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.65 552.82 Td (69.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 552.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 552.82 Td (60.10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 538.82 Td (Second Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.65 538.82 Td (63.65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 538.82 Td (52.25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 524.82 Td (Third Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.65 524.82 Td (61.60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 524.82 Td (50.15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 510.82 Td (Fourth Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.50 510.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.65 510.82 Td (67.75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 510.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 510.82 Td (55.05) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 485.75 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 485.75 Td (e did not pay any dividends during any of these periods. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.48 485.75 Td (February?6, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.08 485.75 Td (, the last reported sale price of our common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 473.75 Td (stock on the NYSE was $69.30 per share, and there were approximately 141 record holders of our common stock. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 452.75 Td (Our credit agreement with Bank of ) Tj ET Q q 0 0 0 rg BT 206.12 452.75 Td (America, N.A. \("Bank of ) Tj ET Q q 0 0 0 rg BT 308.79 452.75 Td (America"\), as administrative agent, and the other agents and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 440.75 Td (lenders party thereto \(the "2016 Senior Credit Facility"\) and the Indenture governing our 6.0% Notes \(the "Indenture"\) currently ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 428.75 Td (allow for us to make certain restricted payments, including payments to repurchase shares of our common stock, among other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 416.75 Td (things, subject to our continued compliance with certain covenants. For additional information, see the "Covenants and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 404.75 Td (Defaults" section within "Liquidity and Capital Resources.") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 383.75 Td (On January 30, 2014, our Board of Directors authorized our current share repurchase program \(the "Repurchase Program"\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 371.75 Td (On January 24, 2018, our Board of Directors reset the authorization under our Repurchase Program to $100.0 million in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 359.75 Td (aggregate, for the repurchase of our common stock in open market transactions or privately negotiated transactions, from time ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 347.75 Td (to time. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.10 347.75 Td (year ended December 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.77 347.75 Td (, we repurchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.73 347.75 Td (584,696) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.23 347.75 Td ( shares of our common stock under the Repurchase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 335.75 Td (Program for a total of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.64 335.75 Td ($34.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.53 335.75 Td (. ) Tj ET Q q 0 0 0 rg BT 196.98 335.75 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.42 335.75 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.01 335.75 Td (, we had the authorization from our Board of Directors to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 323.75 Td (repurchase up to an additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.51 323.75 Td ($53.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.40 323.75 Td ( of our common stock. ) Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.75 744.75 Td (PERFORMANCE GRAPH) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 723.75 Td (The following graph furnished by us shows the value as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.40 723.75 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.98 723.75 Td (, of a $100 investment in our common stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 711.75 Td (made on December?1, 2012, as compared with similar investments based on \(i\) the value of the S&P) Tj ET Q q 0 0 0 rg BT 455.97 711.75 Td ( 500 Index \(with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 699.75 Td (dividends reinvested\) and \(ii\) the value of a market-weighted Peer Group Index composed of the common stock of ) Tj ET Q q 0 0 0 rg BT 509.92 699.75 Td (AutoNation, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 687.75 Td (Inc.; Sonic ) Tj ET Q q 0 0 0 rg BT 94.77 687.75 Td (Automotive, Inc.; Group 1 ) Tj ET Q q 0 0 0 rg BT 203.09 687.75 Td (Automotive, Inc.; Penske ) Tj ET Q q 0 0 0 rg BT 306.69 687.75 Td (Automotive Group, Inc.; and Lithia Motors, Inc., in each case ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 675.75 Td (on a "total return" basis assuming the reinvestment of any dividends. ) Tj ET Q q 0 0 0 rg BT 326.87 675.75 Td (The market-weighted Peer Group Index values were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 663.75 Td (calculated from the beginning of the performance period. ) Tj ET Q q 0 0 0 rg BT 280.61 663.75 Td (The historical stock performance shown below is not necessarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 651.75 Td (indicative of future expected performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 630.75 Td (The for) Tj ET Q q 0 0 0 rg BT 92.53 630.75 Td (going graph is not, and shall not be deemed to be, filed as part of our annual report on Form 10-K. Such graph is not, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 618.75 Td (and will not be deemed, filed or incorporated by reference into any filing by us under the Securities ) Tj ET Q q 0 0 0 rg BT 449.09 618.75 Td (Act of 1933 or the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 606.75 Td (Securities Exchange ) Tj ET Q q 0 0 0 rg BT 132.81 606.75 Td (Act of 1934, except to the extent specifically incorporated by reference therein by us.) Tj ET Q /GS0 gs q 513.00 0 0 274.75 49.50 318.01 cm /I24 Do Q BT /F2 10.00 Tf ET endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 744.75 Td (Item 6. Selected Financial Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 720.75 Td (The following table sets forth selected consolidated financial data as of and for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.14 720.75 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.72 720.75 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.72 720.75 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.72 720.75 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 708.75 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.50 708.75 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.50 708.75 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.44 708.75 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.44 708.75 Td (. Certain reclassifications of amounts previously reported have been made to the accompanying income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 696.75 Td (statement data and balance sheet data in order to conform to current presentation. ) Tj ET Q q 0 0 0 rg BT 376.97 696.75 Td (The following information should be read in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (conjunction with "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 246.75 684.75 Td (Analysis of Financial Condition and Results of Operations" and our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (Consolidated Financial Statements and the Notes thereto, included elsewhere in this annual report on Form 10-K. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 620.25 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 620.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 620.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 620.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 620.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 620.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 620.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 620.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 620.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 620.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 620.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 590.25 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 590.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 590.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 590.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 590.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 590.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 590.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 590.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 590.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 590.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 590.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 560.25 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 560.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 560.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 560.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 560.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 560.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 560.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 560.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 560.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 560.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 560.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 530.25 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 530.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 530.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 530.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 530.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 530.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 530.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 530.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 530.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 530.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 530.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 500.25 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 500.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 500.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 500.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 500.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 500.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 500.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 500.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 500.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 500.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 500.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 470.25 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 470.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 470.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 470.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 470.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 470.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 470.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 470.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 470.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 470.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 470.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 440.25 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 440.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 440.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 440.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 440.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 440.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 440.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 440.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 440.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 440.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 440.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 410.25 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 410.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 410.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 410.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 410.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 410.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 410.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 410.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 410.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 410.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 410.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 380.25 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 380.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 380.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 380.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 380.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 380.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 380.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 380.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 380.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 380.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 380.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 350.25 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 350.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 350.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 350.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 350.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 350.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 350.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 350.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 350.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 350.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 350.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 320.25 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 320.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 320.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 320.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 320.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 320.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 320.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 320.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 320.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 320.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 320.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 280.25 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 280.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 280.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 280.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 280.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 280.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 280.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 280.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 280.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 280.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 280.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 250.25 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 250.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 250.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 250.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 250.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 250.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 250.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 250.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 250.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 250.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 250.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 220.25 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 220.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 220.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 220.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 220.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 220.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 220.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 220.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 220.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 220.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 220.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 190.25 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 190.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 190.25 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 190.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 190.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 190.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 190.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 190.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 190.25 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 190.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 190.25 46.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 648.25 m 366 648.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 648.25 m 370 648.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 648.25 m 415 648.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 648.25 m 419 648.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 648.25 m 464 648.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 648.25 m 468 648.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 648.25 m 513 648.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 648.25 m 517 648.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 648.25 m 563 648.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 634.25 m 316 634.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 648.25 m 366 648.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 634.25 m 366 634.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 648.25 m 415 648.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 634.25 m 415 634.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 648.25 m 464 648.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 634.25 m 464 634.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 648.25 m 468 648.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 648.25 m 513 648.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 634.25 m 513 634.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 648.25 m 517 648.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 648.25 m 563 648.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 634.25 m 563 634.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 545.25 m 366 545.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 545.25 m 415 545.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 545.25 m 464 545.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 545.25 m 513 545.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 545.25 m 563 545.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 515.25 m 366 515.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 515.25 m 415 515.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 515.25 m 464 515.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 515.25 m 513 515.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 515.25 m 563 515.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 425.25 m 366 425.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 425.25 m 415 425.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 425.25 m 464 425.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 425.25 m 513 425.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 425.25 m 563 425.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 320.25 m 366 320.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 320.25 m 415 320.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 320.25 m 464 320.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 320.25 m 513 320.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 320.25 m 563 320.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 305.25 m 366 305.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 305.25 m 415 305.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 305.25 m 464 305.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 305.25 m 513 305.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 305.25 m 563 305.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 265.25 m 366 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 265.25 m 415 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 265.25 m 464 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 265.25 m 513 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 265.25 m 563 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 235.25 m 366 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 235.25 m 415 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 235.25 m 464 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 235.25 m 513 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 235.25 m 563 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 221.25 m 366 221.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 219.25 m 366 219.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 221.25 m 415 221.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 219.25 m 415 219.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 221.25 m 464 221.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 219.25 m 464 219.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 221.25 m 513 221.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 219.25 m 513 219.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 221.25 m 563 221.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 219.25 m 563 219.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 191.25 m 366 191.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 189.25 m 366 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 191.25 m 415 191.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 189.25 m 415 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 191.25 m 464 191.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 189.25 m 464 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 191.25 m 513 191.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 189.25 m 513 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 191.25 m 563 191.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 189.25 m 563 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 189.25 m 366 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 191.25 m 366 191.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 176.25 m 366 176.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 174.25 m 366 174.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 189.25 m 415 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 191.25 m 415 191.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 176.25 m 415 176.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 174.25 m 415 174.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 189.25 m 464 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 191.25 m 464 191.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 176.25 m 464 176.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 174.25 m 464 174.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 189.25 m 513 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 191.25 m 513 191.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 176.25 m 513 176.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 174.25 m 513 174.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 189.25 m 563 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 191.25 m 563 191.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 176.25 m 563 176.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 174.25 m 563 174.25 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 652.71 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.30 652.70 Td (For) Tj ET Q q 0 0 0 rg BT 388.21 652.70 Td ( the? Tj ET Q q 0 0 0 rg BT 404.46 652.70 Td (Y) Tj ET Q q 0 0 0 rg BT 410.29 652.70 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 494.19 652.70 Td (?1,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 638.70 Td (Income Statement Data:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.50 638.70 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.00 638.70 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.00 638.70 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 638.70 Td (2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.50 638.70 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 624.71 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.65 624.70 Td (\(in millions, except per) Tj ET Q q 0 0 0 rg BT 461.98 624.70 Td ( shar) Tj ET Q q 0 0 0 rg BT 481.07 624.70 Td (e data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 609.92 Td (REVENUE:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 594.92 Td (New vehicle) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.50 594.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.10 594.92 Td (3,561.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.50 594.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.10 594.92 Td (3,61) Tj ET Q q 0 0 0 rg BT 398.60 594.92 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.50 594.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.10 594.92 Td (3,652.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.50 594.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.10 594.92 Td (3,230.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 594.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.10 594.92 Td (2,952.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 579.92 Td (Used vehicle) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.10 579.92 Td (1,834.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.10 579.92 Td (1,876.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.10 579.92 Td (1,931.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.10 579.92 Td (1,741.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.10 579.92 Td (1,564.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 564.92 Td (Parts and service) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.65 564.92 Td (786.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 564.92 Td (778.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 564.92 Td (740.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 564.92 Td (666.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 564.92 Td (61) Tj ET Q q 0 0 0 rg BT 546.65 564.92 Td (1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 549.92 Td (Finance and insurance, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.65 549.92 Td (275.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 549.92 Td (261.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 549.92 Td (263.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 549.92 Td (229.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 549.92 Td (206.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 534.92 Td (T) Tj ET Q q 0 0 0 rg BT 58.52 534.92 Td (OT) Tj ET Q q 0 0 0 rg BT 71.36 534.92 Td (AL) Tj ET Q q 0 0 0 rg BT 84.10 534.92 Td ( REVENUE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.10 534.92 Td (6,456.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.10 534.92 Td (6,527.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.10 534.92 Td (6,588.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.10 534.92 Td (5,867.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.10 534.92 Td (5,334.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 519.92 Td (COST) Tj ET Q q 0 0 0 rg BT 77.97 519.92 Td ( OF SALES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.10 519.92 Td (5,400.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.10 519.92 Td (5,469.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.10 519.92 Td (5,527.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.10 519.92 Td (4,900.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.10 519.92 Td (4,458.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 504.92 Td (GROSS PROFIT) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.10 504.92 Td (1,055.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.10 504.92 Td (1,058.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.10 504.92 Td (1,060.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 504.92 Td (967.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 504.92 Td (876.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 489.92 Td (OPERA) Tj ET Q q 0 0 0 rg BT 84.73 489.92 Td (TING EXPENSES:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 474.92 Td (Selling, general, and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.65 474.92 Td (729.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 474.92 Td (732.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 474.92 Td (729.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 474.92 Td (671.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 474.92 Td (617.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 459.92 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.65 459.92 Td (32.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 459.92 Td (30.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 459.92 Td (29.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 459.92 Td (26.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 459.92 Td (24.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 444.92 Td (Franchise rights impairment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 444.92 Td (5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.15 444.92 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 444.92 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.15 444.92 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 444.92 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 429.92 Td (Other operating expense \(income\), net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 429.92 Td (1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.30 429.97 Td (\(2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 429.92 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.30 429.97 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 429.92 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.65 429.92 Td (1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.65 429.92 Td (7.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 414.92 Td (INCOME FROM OPERA) Tj ET Q q 0 0 0 rg BT 157.52 414.92 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.65 414.92 Td (287.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 414.92 Td (297.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 414.92 Td (301.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 414.92 Td (268.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 414.92 Td (226.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 399.92 Td (OTHER EXPENSES \(INCOME\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 384.92 Td (Floor plan interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.65 384.92 Td (22.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 384.92 Td (19.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 384.92 Td (16.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 384.92 Td (12.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 384.92 Td (12.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 369.92 Td (Other interest expense, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.65 369.92 Td (53.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 369.92 Td (53.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 369.92 Td (44.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 369.92 Td (38.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 369.92 Td (39.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 354.92 Td (Swap interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 354.92 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 354.92 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 354.92 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.65 354.92 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.65 354.92 Td (2.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 339.92 Td (Loss on extinguishment of long-term debt, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 339.92 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.15 339.92 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 339.92 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 339.92 Td (31.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.65 339.92 Td (6.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 324.92 Td (\(Gain\) loss on divestitures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 324.92 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.30 324.97 Td (\(45.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 324.92 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.30 324.97 Td (\(34.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 324.92 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.15 324.92 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 324.92 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 309.92 Td (T) Tj ET Q q 0 0 0 rg BT 105.91 309.92 Td (otal other expenses, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.65 309.92 Td (78.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 309.92 Td (30.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 309.92 Td (28.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 309.92 Td (85.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 309.92 Td (60.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 294.92 Td (INCOME FROM CONTINUING OPERA) Tj ET Q q 0 0 0 rg BT 222.79 294.92 Td (TIONS BEFORE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 284.92 Td (INCOME ) Tj ET Q q 0 0 0 rg BT 94.35 284.92 Td (T) Tj ET Q q 0 0 0 rg BT 99.97 284.92 Td (AX) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.65 284.92 Td (209.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 284.92 Td (267.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 284.92 Td (273.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 284.92 Td (183.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 284.92 Td (165.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 269.92 Td (Income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.65 269.92 Td (70.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 269.92 Td (100.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 269.92 Td (104.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 269.92 Td (71.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 269.92 Td (64.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 254.92 Td (INCOME FROM CONTINUING OPERA) Tj ET Q q 0 0 0 rg BT 222.79 254.92 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.65 254.92 Td (139.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 254.92 Td (167.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 254.92 Td (169.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 254.92 Td (1) Tj ET Q q 0 0 0 rg BT 491.65 254.92 Td (12.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 254.92 Td (101.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 239.92 Td (Discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 239.92 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.15 239.92 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.30 239.97 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 239.92 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.30 239.97 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.15 239.92 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.65 239.92 Td (8.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 224.92 Td (NET) Tj ET Q q 0 0 0 rg BT 71.85 224.92 Td ( INCOME) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.50 224.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.65 224.92 Td (139.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.50 224.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 224.92 Td (167.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.50 224.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 224.92 Td (169.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.50 224.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 224.92 Td (1) Tj ET Q q 0 0 0 rg BT 491.65 224.92 Td (1) Tj ET Q q 0 0 0 rg BT 496.65 224.92 Td (1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 224.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 224.92 Td (109.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 209.92 Td (Income from continuing operations per common share:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 194.92 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.50 194.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.65 194.92 Td (6.69) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.50 194.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 194.92 Td (7.43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.50 194.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 194.92 Td (6.44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.50 194.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 194.92 Td (3.75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 194.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 194.92 Td (3.29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 179.92 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.50 179.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.65 179.92 Td (6.62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.50 179.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 179.92 Td (7.40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.50 179.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 179.92 Td (6.42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.50 179.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 179.92 Td (3.72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 179.92 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 179.92 Td (3.25) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (29) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 721.00 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 721.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 721.00 243.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 691.00 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 691.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 691.00 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.00 691.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 691.00 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 691.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 691.00 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 691.00 4.00 -15.00 re f /GS0 gs 0.8 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365 736 m 369 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 736 m 414 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 736 m 418 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 736 m 463 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 736 m 467 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 736 m 512 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 736 m 516 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 736 m 562 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 721 m 315 721 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 736 m 365 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 721 m 365 721 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 736 m 369 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 736 m 414 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 721 m 414 721 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 736 m 418 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 736 m 463 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 721 m 463 721 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 736 m 467 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 736 m 512 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 721 m 512 721 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 736 m 516 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 736 m 562 736 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 721 m 562 721 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 740.46 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.80 740.45 Td (As of December) Tj ET Q q 0 0 0 rg BT 463.69 740.45 Td (?1,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 725.45 Td (Balance Sheet Data:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.50 725.45 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.00 725.45 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 725.45 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 725.45 Td (2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.50 725.45 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 710.46 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.85 710.45 Td (\(in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 695.67 Td (W) Tj ET Q q 0 0 0 rg BT 60.54 695.67 Td (orking capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.50 695.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.65 695.67 Td (243.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.50 695.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 695.67 Td (227.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 695.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 695.67 Td (323.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.50 695.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 695.67 Td (225.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.50 695.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 695.67 Td (265.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 680.67 Td (Inventories) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.65 680.67 Td (826.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 680.67 Td (894.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 680.67 Td (917.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 680.67 Td (886.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 680.67 Td (767.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 665.67 Td (T) Tj ET Q q 0 0 0 rg BT 57.26 665.67 Td (otal assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.10 665.67 Td (2,356.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.10 665.67 Td (2,336.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.10 665.67 Td (2,294.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.10 665.67 Td (2,178.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.10 665.67 Td (1,879.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 650.67 Td (Floor plan notes payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.65 650.67 Td (732.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 650.67 Td (781.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 650.67 Td (712.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 650.67 Td (766.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 650.67 Td (609.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 635.67 Td (T) Tj ET Q q 0 0 0 rg BT 57.26 635.67 Td (otal debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.65 635.67 Td (875.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 635.67 Td (926.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 635.67 Td (954.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 635.67 Td (697.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 635.67 Td (545.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 620.67 Td (T) Tj ET Q q 0 0 0 rg BT 56.91 620.67 Td (otal shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.50 620.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.65 620.67 Td (394.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.50 620.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 620.67 Td (279.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 620.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 620.67 Td (314.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.50 620.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 620.67 Td (444.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.50 620.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 620.67 Td (490.6) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 744.75 Td (Item 7. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 212.84 744.75 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 720.75 Td (OVER) Tj ET Q q 0 0 0 rg BT 78.04 720.75 Td (VIEW) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 699.75 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 699.75 Td (e are one of the lar) Tj ET Q q 0 0 0 rg BT 147.63 699.75 Td (gest automotive retailers in the United States. ) Tj ET Q q 0 0 0 rg BT 331.48 699.75 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.93 699.75 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.51 699.75 Td ( we owned and operated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.19 699.75 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.19 699.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 687.75 Td (new vehicle franchises \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.40 687.75 Td (80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.40 687.75 Td ( dealership locations\), representing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.85 687.75 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.85 687.75 Td ( brands of automobiles, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.16 687.75 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.16 687.75 Td ( collision centers, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.20 687.75 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.20 687.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 675.75 Td (metropolitan markets, within ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.81 675.75 Td (nine) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.03 675.75 Td ( states. Our stores of) Tj ET Q q 0 0 0 rg BT 266.78 675.75 Td (fer an extensive range of automotive products and services, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 663.75 Td (new and used vehicles; parts and service, which include repair and maintenance services, replacement parts, and collision repair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 651.75 Td (service; and finance and insurance products. ) Tj ET Q q 0 0 0 rg BT 228.60 651.75 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.04 651.75 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.62 651.75 Td (, our new vehicle revenue brand mix consisted of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.00 651.75 Td (46%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.33 651.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 639.75 Td (imports, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.06 639.75 Td (34%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.39 639.75 Td ( luxury) Tj ET Q q 0 0 0 rg BT 131.35 639.75 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.28 639.75 Td (20%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.61 639.75 Td ( domestic brands. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 618.75 Td (Our revenues are derived primarily from: \(i\) the sale of new vehicles; \(ii\) the sale of used vehicles to individual retail ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 606.75 Td (customers \("used retail"\) and to other dealers at auction \("wholesale"\) \(the terms "used retail" and "wholesale" collectively ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 594.75 Td (referred to as "used"\); \(iii\) repair and maintenance services, including collision repair) Tj ET Q q 0 0 0 rg BT 390.46 594.75 Td (, the sale of automotive replacement parts, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 582.75 Td (and the reconditioning of used vehicles \(collectively referred to as "parts and service"\); and \(iv\) the arrangement of third-party ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 570.75 Td (vehicle financing and the sale of a number of vehicle protection products \(defined below and collectively referred to as "F&I"\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 558.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 558.75 Td (e evaluate the results of our new and used vehicle sales based on unit volumes and gross profit per vehicle sold, our parts and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 546.75 Td (service operations based on aggregate gross profit, and our F&I business based on F&I gross profit per vehicle sold. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 525.75 Td (Our continued or) Tj ET Q q 0 0 0 rg BT 131.13 525.75 Td (ganic growth is dependent upon the execution of our balanced automotive retailing and service business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 513.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 80.51 513.75 Td (, the continued strength of our brand mix, and the production and allocation of desirable vehicles from the automobile ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 501.75 Td (manufacturers whose brands we sell. Our vehicle sales have historically fluctuated with product availability as well as local and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (national economic conditions, including consumer confidence, availability of consumer credit, fuel prices, and employment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 477.75 Td (levels. ) Tj ET Q q 0 0 0 rg BT 77.27 477.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 127.18 477.75 Td (, our ability to sell certain new and used vehicles can be negatively impacted by a number of factors, some ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 465.75 Td (of which are outside of our control and may include manufacturer imposed stop-sales or open safety recalls, primarily due to, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 453.75 Td (but not limited to, vehicle safety concerns or a vehicle's failure to meet environmental related requirements. ) Tj ET Q q 0 0 0 rg BT 482.07 453.75 Td (W) Tj ET Q q 0 0 0 rg BT 490.71 453.75 Td (e believe that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 441.75 Td (impact on our business of any future negative trends in new vehicle sales would be partially mitigated by \(i\) the expected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 429.75 Td (relative stability of our parts and service operations over the long-term, \(ii\) the variable nature of significant components of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 417.75 Td (cost structure, and \(iii\) our diversified brand and geographic mix. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 396.75 Td (The seasonally adjusted annual rate \("SAAR"\) of new vehicle sales in the U.S. during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.35 396.75 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.35 396.75 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.91 396.75 Td (17.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.80 396.75 Td ( compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (17.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.39 384.75 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.17 384.75 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.17 384.75 Td (. ) Tj ET Q q 0 0 0 rg BT 135.99 384.75 Td (The automotive retail business continues to benefit from the availability of credit to consumers, strong ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 372.75 Td (consumer confidence and relatively low overall unemployment levels, fuel prices, and interest rates. Demand for new vehicles ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 360.75 Td (is generally highest during the second, third, and fourth quarters of each year and, accordingly) Tj ET Q q 0 0 0 rg BT 425.67 360.75 Td (, we expect our revenues to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 348.75 Td (generally be higher during these periods. ) Tj ET Q q 0 0 0 rg BT 215.10 348.75 Td (W) Tj ET Q q 0 0 0 rg BT 223.74 348.75 Td (e typically experience higher sales of luxury vehicles in the fourth quarter) Tj ET Q q 0 0 0 rg BT 518.50 348.75 Td (, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 336.75 Td (have higher average selling prices and gross profit per vehicle retailed. Revenues and operating results may be impacted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.75 Td (significantly from quarter) Tj ET Q q 0 0 0 rg BT 152.04 324.75 Td (-to-quarter by changing economic conditions, vehicle manufacturer incentive programs, adverse ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 312.75 Td (weather events, or other developments outside our control. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 291.75 Td (Our gross profit mar) Tj ET Q q 0 0 0 rg BT 144.75 291.75 Td (gin varies with our revenue mix. Sales of new vehicles generally result in a lower gross profit mar) Tj ET Q q 0 0 0 rg BT 536.68 291.75 Td (gin ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 279.75 Td (than used vehicle sales, sales of parts and service, and sales of F&I products. ) Tj ET Q q 0 0 0 rg BT 358.58 279.75 Td (As a result, when used vehicle, parts and service, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 267.75 Td (and F&I revenue increase as a percentage of total revenue, we expect our overall gross profit mar) Tj ET Q q 0 0 0 rg BT 438.87 267.75 Td (gin to increase. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 246.75 Td (Selling, general, and administrative \("SG&A"\) expenses consist primarily of fixed and incentive-based compensation, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 234.75 Td (advertising, rent, insurance, utilities, and other customary operating expenses. ) Tj ET Q q 0 0 0 rg BT 362.75 234.75 Td (A) Tj ET Q q 0 0 0 rg BT 369.42 234.75 Td ( significant portion of our cost structure is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 222.75 Td (variable \(such as sales commissions\), or controllable \(such as advertising\), which we believe allows us to adapt to changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 210.75 Td (the retail environment over the long-term. ) Tj ET Q q 0 0 0 rg BT 219.54 210.75 Td (W) Tj ET Q q 0 0 0 rg BT 228.18 210.75 Td (e evaluate commissions paid to salespeople as a percentage of retail vehicle gross ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 198.75 Td (profit, advertising expense on a per vehicle retailed \("PVR"\) basis, and all other SG&A) Tj ET Q q 0 0 0 rg BT 398.41 198.75 Td ( expenses in the aggregate as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 186.75 Td (percentage of total gross profit.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 165.75 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 165.75 Td (e had total available liquidity of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.60 165.75 Td ($379.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.49 165.75 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.65 165.75 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.23 165.75 Td (, which consisted of cash and cash equivalents of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 153.75 Td ($4.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.39 153.75 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.39 153.75 Td ($49.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.28 153.75 Td ( of funds in our floor plan of) Tj ET Q q 0 0 0 rg BT 271.25 153.75 Td (fset accounts, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.17 153.75 Td ($190.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.06 153.75 Td ( of availability under our new vehicle floor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 141.75 Td (plan facility that is able to be re-designated to our revolving credit facility) Tj ET Q q 0 0 0 rg BT 344.30 141.75 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.30 141.75 Td ($46.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.20 141.75 Td ( of availability under our revolving ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 129.75 Td (credit facility) Tj ET Q q 0 0 0 rg BT 102.43 129.75 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.37 129.75 Td ($88.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.26 129.75 Td ( of availability under our used vehicle revolving floor plan facility) Tj ET Q q 0 0 0 rg BT 442.53 129.75 Td (. For further discussion of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 117.75 Td (liquidity) Tj ET Q q 0 0 0 rg BT 82.74 117.75 Td (, please refer to "Liquidity and Capital Resources" below) Tj ET Q q 0 0 0 rg BT 310.47 117.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.75 Td (CRITICAL) Tj ET Q q 0 0 0 rg BT 98.96 96.75 Td ( ) Tj ET Q q 0 0 0 rg BT 100.91 96.75 Td (ACCOUNTING POLICIES ) Tj ET Q q 0 0 0 rg BT 222.60 96.75 Td (AND SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 313.26 96.75 Td ( ESTIMA) Tj ET Q q 0 0 0 rg BT 354.47 96.75 Td (TES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 79.75 Td (Preparation of financial statements in conformity with accounting principles generally accepted in the United States of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 67.75 Td (America, requires management to make estimates and assumptions, that af) Tj ET Q q 0 0 0 rg BT 347.83 67.75 Td (fect the amounts of assets and liabilities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 55.75 Td (disclosures of contingent assets and liabilities, as of the date of the financial statements, and reported amounts of revenues and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 43.75 Td (expenses during the periods presented. On an ongoing basis, management evaluates their estimates and assumptions and the ) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 744.60 Td (fects of any such revisions are reflected in the financial statements, in the period in which they are determined to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 732.60 Td (necessary) Tj ET Q q 0 0 0 rg BT 87.72 732.60 Td (. ) Tj ET Q q 0 0 0 rg BT 92.17 732.60 Td (Actual outcomes could dif) Tj ET Q q 0 0 0 rg BT 197.79 732.60 Td (fer materially from those estimates in a manner that could have a material ef) Tj ET Q q 0 0 0 rg BT 502.76 732.60 Td (fect on our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 720.60 Td (Consolidated Financial Statements. Set forth below are the policies and estimates that we have identified as critical to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (business operations and understanding our results of operations, based on the high degree of judgment or complexity in their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (application.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 675.60 Td (Revenue Recognition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 654.60 Td (Revenue from the sale of new and used vehicles \(which excludes sales tax\), is recognized upon the latest of delivery) Tj ET Q q 0 0 0 rg BT 529.25 654.60 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 642.60 Td (signing of the sales contract or approval of financing. Manufacturer incentives and rebates, including manufacturer holdbacks, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 630.60 Td (floor plan interest assistance and certain advertising assistance, are recognized as a reduction of new vehicle cost of sales at the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 618.60 Td (time the related vehicles are sold.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 597.60 Td (Revenue from the sale of parts, service, and collision repair work \(which excludes sales tax\), is recognized upon the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 585.60 Td (delivery of parts to the customer or at the time vehicle service or repair work is completed, as applicable. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 564.60 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 564.60 Td (e receive commissions from third-party lending and insurance institutions for arranging customer financing and from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 552.60 Td (sale of vehicle service contracts, guaranteed auto protection \(known as "GAP"\) insurance, and other insurance to customers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 540.60 Td (\(collectively "F&I"\). ) Tj ET Q q 0 0 0 rg BT 134.96 540.60 Td (W) Tj ET Q q 0 0 0 rg BT 143.60 540.60 Td (e may be char) Tj ET Q q 0 0 0 rg BT 199.22 540.60 Td (ged back for F&I commissions in the event a contract is prepaid, defaulted upon, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 528.60 Td (terminated \("char) Tj ET Q q 0 0 0 rg BT 119.20 528.60 Td (gebacks"\). F&I commissions are recorded at the time the associated vehicle is sold. F&I commissions, net of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 516.60 Td (estimated future char) Tj ET Q q 0 0 0 rg BT 133.72 516.60 Td (gebacks, are included in Finance and Insurance, net in the accompanying Consolidated Statements of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 504.60 Td (Income. ) Tj ET Q q 0 0 0 rg BT 83.93 504.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 133.84 504.60 Td (, we participate in future profits associated with the performance of the third-party held underlying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 492.60 Td (portfolio for certain products pursuant to retrospective commission arrangements. Our retrospective portfolio income is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 480.60 Td (recorded as revenue at the time it is received from our third-party providers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 454.60 Td (Used V) Tj ET Q q 0 0 0 rg BT 77.55 454.60 Td (ehicle Inventory - Lower of Cost and Net Realizable V) Tj ET Q q 0 0 0 rg BT 293.35 454.60 Td (alue ? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 433.60 Td (Our used vehicle inventory is stated at the lower of cost and net realizable value. ) Tj ET Q q 0 0 0 rg BT 389.20 433.60 Td (W) Tj ET Q q 0 0 0 rg BT 397.84 433.60 Td (e use the specific identification method ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 421.60 Td (to value our used vehicle inventories. ) Tj ET Q q 0 0 0 rg BT 201.22 421.60 Td (W) Tj ET Q q 0 0 0 rg BT 209.86 421.60 Td (e maintain a reserve for used vehicle inventory when cost basis exceeds the net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 409.60 Td (realizable value. In assessing our reserve requirement, we consider \(i\) the age of our used vehicles, \(ii\) historical sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 397.60 Td (experience of used vehicles and \(iii\) current market conditions and trends in used vehicle sales. ) Tj ET Q q 0 0 0 rg BT 432.52 397.60 Td (W) Tj ET Q q 0 0 0 rg BT 441.16 397.60 Td (e also review and consider the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 385.60 Td (following metrics related to used vehicle sales \(both on a recent and longer) Tj ET Q q 0 0 0 rg BT 349.20 385.60 Td (-term historical basis\): \(i\) days of supply in our used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 373.60 Td (vehicle inventory) Tj ET Q q 0 0 0 rg BT 118.55 373.60 Td (, \(ii\) used vehicle units sold at less than original cost as a percentage of total used vehicles sold and \(iii\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 361.60 Td (average vehicle selling price of used vehicle units sold at less than original cost. ) Tj ET Q q 0 0 0 rg BT 371.72 361.60 Td (W) Tj ET Q q 0 0 0 rg BT 380.36 361.60 Td (e then determine the appropriate level of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 349.60 Td (reserve required to reduce our used vehicle inventory to the lower of cost or net realizable value, and record the resulting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 337.60 Td (adjustment in the period in which we determine a loss has occurred. ) Tj ET Q q 0 0 0 rg BT 323.41 337.60 Td (The level of reserve determined to be appropriate for each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 325.60 Td (reporting period is considered to be a permanent inventory write-down and therefore is only released upon the sale of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 313.60 Td (related inventory) Tj ET Q q 0 0 0 rg BT 116.88 313.60 Td (. Our used vehicle inventory reserves are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 259.10 357.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 259.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 259.10 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 259.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 259.10 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 259.1 m 407 259.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 259.1 m 474 259.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 259.1 m 548 259.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 259.1 m 474 259.1 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 263.78 Td (Used vehicle lower) Tj ET Q q 0 0 0 rg BT 131.74 263.78 Td ( of cost and net r) Tj ET Q q 0 0 0 rg BT 202.94 263.78 Td (ealizable value r) Tj ET Q q 0 0 0 rg BT 272.19 263.78 Td (eserve:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.05 283.78 Td (Reserve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.40 273.78 Td (Amount \(in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.35 263.78 Td (millions\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.55 293.78 Td (Per) Tj ET Q q 0 0 0 rg BT 498.35 293.78 Td (centage of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.25 283.78 Td (Gr) Tj ET Q q 0 0 0 rg BT 500.29 283.78 Td (oss Used) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.10 273.78 Td (V) Tj ET Q q 0 0 0 rg BT 503.40 273.78 Td (ehicle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.35 263.78 Td (Inventory) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 248.77 Td (As of December 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.50 248.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 248.77 Td (5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 248.77 Td (3.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 248.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 233.77 Td (As of December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.50 233.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 233.77 Td (5.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 233.77 Td (4.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 233.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 208.60 Td (A) Tj ET Q q 0 0 0 rg BT 71.17 208.60 Td ( 100 basis point change in our estimated reserve rate would change our used vehicle inventory reserve by approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 196.60 Td ($1.4 million as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.55 196.60 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.14 196.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 170.60 Td (F&I Char) Tj ET Q q 0 0 0 rg BT 89.41 170.60 Td (geback Reserve? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 149.60 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 149.60 Td (e reserve for char) Tj ET Q q 0 0 0 rg BT 142.63 149.60 Td (gebacks on finance, insurance, or vehicle service contract commissions received. ) Tj ET Q q 0 0 0 rg BT 468.70 149.60 Td (The reserve is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 137.60 Td (established based on historical operating results and the termination provisions of the applicable contracts. ) Tj ET Q q 0 0 0 rg BT 477.26 137.60 Td (This data is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 125.60 Td (evaluated on a product-by-product basis. Our char) Tj ET Q q 0 0 0 rg BT 250.08 125.60 Td (geback histories vary depending on the product, but generally range from 9% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 113.60 Td (to 15% of F&I revenues. Our F&I cash char) Tj ET Q q 0 0 0 rg BT 225.66 113.60 Td (gebacks for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.22 113.60 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.81 113.60 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.81 113.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.81 113.60 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.74 113.60 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.74 113.60 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 101.60 Td ($34.0 million, $34.9 million, and $31.3 million, respectively) Tj ET Q q 0 0 0 rg BT 290.77 101.60 Td (. Our char) Tj ET Q q 0 0 0 rg BT 330.85 101.60 Td (geback reserves were $43.7 million and $43.0 million as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 89.60 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.33 89.60 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.91 89.60 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.35 89.60 Td (December?1, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.94 89.60 Td (, respectively) Tj ET Q q 0 0 0 rg BT 289.60 89.60 Td (. ) Tj ET Q q 0 0 0 rg BT 294.42 89.60 Td (T) Tj ET Q q 0 0 0 rg BT 299.83 89.60 Td (otal char) Tj ET Q q 0 0 0 rg BT 334.35 89.60 Td (gebacks as a percentage of F&I revenue for the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 77.60 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.88 77.60 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.46 77.60 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.46 77.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.46 77.60 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.40 77.60 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.40 77.60 Td (, were 12%, 14%, and 13%, respectively) Tj ET Q q 0 0 0 rg BT 382.92 77.60 Td (. ) Tj ET Q q 0 0 0 rg BT 387.37 77.60 Td (A) Tj ET Q q 0 0 0 rg BT 394.04 77.60 Td ( 100 basis point change in our estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 65.60 Td (reserve rate for future char) Tj ET Q q 0 0 0 rg BT 155.92 65.60 Td (gebacks, would change our finance and insurance char) Tj ET Q q 0 0 0 rg BT 373.97 65.60 Td (geback reserve by approximately $3.0 million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 53.60 Td (as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.16 53.60 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.74 53.60 Td (.) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (32) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (Insurance Reserves? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 723.60 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 723.60 Td (e are self-insured for employee medical claims and maintain stop loss insurance for lar) Tj ET Q q 0 0 0 rg BT 419.78 723.60 Td (ge-dollar individual claims. ) Tj ET Q q 0 0 0 rg BT 532.35 723.60 Td (W) Tj ET Q q 0 0 0 rg BT 540.98 723.60 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 711.60 Td (have lar) Tj ET Q q 0 0 0 rg BT 81.24 711.60 Td (ge deductible insurance programs for workers compensation, property and general liability claims. ) Tj ET Q q 0 0 0 rg BT 477.60 711.60 Td (W) Tj ET Q q 0 0 0 rg BT 486.24 711.60 Td (e maintain and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 699.60 Td (review our claim and loss history to assist in assessing our expected future liability for these claims. ) Tj ET Q q 0 0 0 rg BT 451.45 699.60 Td (W) Tj ET Q q 0 0 0 rg BT 460.09 699.60 Td (e also use professional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 687.60 Td (service providers, such as account administrators and actuaries, to help us accumulate and assess this information. Provisions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 675.60 Td (for retained losses and deductibles are made by char) Tj ET Q q 0 0 0 rg BT 258.12 675.60 Td (ges to expense based upon periodic evaluations of the estimated ultimate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 663.60 Td (liabilities on reported and unreported claims.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 642.60 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 642.60 Td (e had $15.7 million and $14.5 million of insurance reserves for both known and unknown employee medical, workers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 630.60 Td (compensation, property) Tj ET Q q 0 0 0 rg BT 143.27 630.60 Td (, and general liability claims, net of anticipated insurance recoveries, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.32 630.60 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.90 630.60 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 618.60 Td (December?1, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.08 618.60 Td (, respectively) Tj ET Q q 0 0 0 rg BT 180.75 618.60 Td (. Expenses associated with employee medical, workers compensation, property) Tj ET Q q 0 0 0 rg BT 496.39 618.60 Td (, and general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 606.60 Td (liability claims, including premiums for insurance coverage, for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.89 606.60 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.48 606.60 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.48 606.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.48 606.60 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.42 606.60 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.42 606.60 Td (, totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 594.60 Td ($27.9 million, $30.9 million, and $26.9 million, respectively) Tj ET Q q 0 0 0 rg BT 290.77 594.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 568.60 Td (Goodwill and Manufactur) Tj ET Q q 0 0 0 rg BT 153.57 568.60 Td (er Franchise Rights? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 547.60 Td (Goodwill represents the excess cost of an acquired business over the fair market value of its identifiable assets and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 535.60 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 91.54 535.60 Td (W) Tj ET Q q 0 0 0 rg BT 100.17 535.60 Td (e have determined that, based on how we integrate acquisitions into our business, how the components of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 523.60 Td (business share resources and interact with one another) Tj ET Q q 0 0 0 rg BT 265.97 523.60 Td (, and how we review the results of our operations, that we have several ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 511.60 Td (geographic market-based operating segments. ) Tj ET Q q 0 0 0 rg BT 235.09 511.60 Td (W) Tj ET Q q 0 0 0 rg BT 243.72 511.60 Td (e have determined that the dealerships in each of our operating segments are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 499.60 Td (components that are aggregated into several geographic market-based reporting units for the purpose of testing goodwill for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 487.60 Td (impairment, as they \(i\) have similar economic characteristics, \(ii\) of) Tj ET Q q 0 0 0 rg BT 321.16 487.60 Td (fer similar products and services \(all of our franchised ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 475.60 Td (dealerships of) Tj ET Q q 0 0 0 rg BT 105.13 475.60 Td (fer new and used vehicles, parts and service, and arrange for third-party vehicle financing and the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 463.60 Td (insurance products\), \(iii\) have similar customers, \(iv\) have similar distribution and marketing practices \(all of our dealerships ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 451.60 Td (distribute products and services through dealership facilities that market to customers in similar ways\) and \(v\) operate under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 439.60 Td (similar regulatory environments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 418.60 Td (Our only significant identifiable intangible assets, other than goodwill, are our rights under franchise agreements with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 406.60 Td (manufacturers, which are recorded at an individual franchise level. ) Tj ET Q q 0 0 0 rg BT 318.92 406.60 Td (The fair value of our manufacturer franchise rights are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 394.60 Td (determined at the acquisition date, by discounting the projected cash flows specific to each franchise. ) Tj ET Q q 0 0 0 rg BT 456.68 394.60 Td (W) Tj ET Q q 0 0 0 rg BT 465.32 394.60 Td (e have determined that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 382.60 Td (manufacturer franchise rights have an indefinite life as there are no economic, contractual or other factors that limit their useful ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 370.60 Td (lives, and they are expected to generate cash flows indefinitely due to the historically long lives of the manufacturers' brand ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 358.60 Td (names. Furthermore, to the extent that any agreements evidencing our manufacturer franchise rights would expire, we expect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 346.60 Td (that we would be able to renew those agreements in the ordinary course of business. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 325.60 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 325.60 Td (e do not amortize goodwill and other intangible assets that are deemed to have indefinite lives. ) Tj ET Q q 0 0 0 rg BT 453.67 325.60 Td (W) Tj ET Q q 0 0 0 rg BT 462.31 325.60 Td (e review goodwill and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 313.60 Td (manufacturer franchise rights for impairment annually as of October 1) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 330.78 318.13 Td (st) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.12 313.60 Td (, or more often if events or circumstances indicate that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 301.60 Td (any impairment may have occurred. ) Tj ET Q q 0 0 0 rg BT 195.93 301.60 Td (W) Tj ET Q q 0 0 0 rg BT 204.56 301.60 Td (e are subject to financial statement risk to the extent that goodwill becomes impaired due ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 289.60 Td (to decreases in the fair value of our automotive retail business or manufacturer franchise rights become impaired due to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 277.60 Td (decreases in the fair value of our individual franchises.) 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0.9333333333333333 1 rg /GS0 gs 508.00 263.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 263.25 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 694.25 m 391 694.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 694.25 m 395 694.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 694.25 m 454 694.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 694.25 m 391 694.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 679.25 m 391 679.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 694.25 m 454 694.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 679.25 m 454 679.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 679.25 m 508 679.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 679.25 m 562 679.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 596.25 m 391 596.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 596.25 m 454 596.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 512.25 m 391 512.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 512.25 m 454 512.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 512.25 m 454 512.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 428.25 m 391 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 428.25 m 454 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 428.25 m 391 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 428.25 m 454 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 344.25 m 391 344.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 330.25 m 391 330.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 344.25 m 454 344.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 330.25 m 454 330.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 291.25 m 391 291.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 291.25 m 454 291.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 278.25 m 391 278.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 276.25 m 391 276.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 278.25 m 454 278.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 276.25 m 454 276.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 276.25 m 391 276.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 278.25 m 391 278.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 264.25 m 391 264.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 262.25 m 391 262.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 276.25 m 454 276.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 278.25 m 454 278.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 264.25 m 454 264.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 262.25 m 454 262.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 262.25 m 391 262.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 264.25 m 391 264.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 250.25 m 391 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 248.25 m 391 248.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 262.25 m 454 262.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 264.25 m 454 264.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 250.25 m 454 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 248.25 m 454 248.25 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 698.71 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.95 707.70 Td (For) Tj ET Q q 0 0 0 rg BT 368.86 707.70 Td ( the ) Tj ET Q q 0 0 0 rg BT 385.11 707.70 Td (Y) Tj ET Q q 0 0 0 rg BT 390.94 707.70 Td (ear) Tj ET Q q 0 0 0 rg BT 402.85 707.70 Td ( Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.30 698.70 Td (December) Tj ET Q q 0 0 0 rg BT 405.19 698.70 Td ( 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.30 692.70 Td (Incr) Tj ET Q q 0 0 0 rg BT 482.63 692.70 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.30 683.70 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 483.62 683.70 Td (ease\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.00 692.70 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.70 683.70 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 683.71 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 683.70 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.00 683.70 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 670.51 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 670.65 Td (\(Dollars in millions, except per) Tj ET Q q 0 0 0 rg BT 482.58 670.65 Td ( shar) Tj ET Q q 0 0 0 rg BT 501.67 670.65 Td (e data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 656.82 Td (REVENUE:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 642.82 Td (New vehicle) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 642.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 642.82 Td (3,561.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 642.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 642.82 Td (3,61) Tj ET Q q 0 0 0 rg BT 437.65 642.82 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 642.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 642.87 Td (\(50.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 642.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 642.82 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 642.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 628.82 Td (Used vehicle) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 628.82 Td (1,834.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 628.82 Td (1,876.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 628.87 Td (\(42.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 628.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 628.82 Td (\(2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 628.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 614.82 Td (Parts and service) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 614.82 Td (786.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 614.82 Td (778.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 614.82 Td (7.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 614.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 614.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 600.82 Td (Finance and insurance, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 600.82 Td (275.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 600.82 Td (261.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 600.82 Td (14.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 600.82 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 600.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 586.82 Td (T) Tj ET Q q 0 0 0 rg BT 58.52 586.82 Td (OT) Tj ET Q q 0 0 0 rg BT 71.36 586.82 Td (AL) Tj ET Q q 0 0 0 rg BT 84.10 586.82 Td ( REVENUE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 586.82 Td (6,456.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 586.82 Td (6,527.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 586.87 Td (\(71.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 586.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 586.82 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 586.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 572.82 Td (GROSS PROFIT) Tj ET Q q 0 0 0 rg BT 121.44 572.82 Td (:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 558.82 Td (New vehicle) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 558.82 Td (169.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 558.82 Td (187.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 558.87 Td (\(18.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 558.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 558.82 Td (\(10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 558.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 544.82 Td (Used vehicle) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 544.82 Td (121.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 544.82 Td (127.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 544.87 Td (\(5.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 544.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 544.82 Td (\(4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 544.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 530.82 Td (Parts and service) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 530.82 Td (489.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 530.82 Td (483.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 530.82 Td (6.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 530.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 530.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 516.82 Td (Finance and insurance, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 516.82 Td (275.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 516.82 Td (261.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 516.82 Td (14.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 516.82 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 516.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 502.82 Td (T) Tj ET Q q 0 0 0 rg BT 58.52 502.82 Td (OT) Tj ET Q q 0 0 0 rg BT 71.36 502.82 Td (AL) Tj ET Q q 0 0 0 rg BT 84.10 502.82 Td ( GROSS PROFIT) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 502.82 Td (1,055.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 502.82 Td (1,058.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 502.87 Td (\(2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 502.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 502.82 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 502.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 488.82 Td (OPERA) Tj ET Q q 0 0 0 rg BT 84.73 488.82 Td (TING EXPENSES:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 474.82 Td (Selling, general, and administrative) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 474.82 Td (729.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 474.82 Td (732.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 474.87 Td (\(2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 474.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 474.82 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 474.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 460.82 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 460.82 Td (32.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 460.82 Td (30.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 460.82 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 460.82 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 460.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 446.82 Td (Franchise rights impairment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 446.82 Td (5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 446.82 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 446.82 Td (5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 446.82 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 446.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 432.82 Td (Other operating expense \(income\), net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 432.82 Td (1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.30 432.87 Td (\(2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 432.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 432.82 Td (3.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.35 432.82 Td (NM) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 418.82 Td (INCOME FROM OPERA) Tj ET Q q 0 0 0 rg BT 157.52 418.82 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 418.82 Td (287.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 418.82 Td (297.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 418.87 Td (\(10.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 418.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 418.82 Td (\(3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 418.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 404.82 Td (OTHER EXPENSES \(INCOME\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 390.82 Td (Floor plan interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 390.82 Td (22.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 390.82 Td (19.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 390.82 Td (3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 390.82 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 390.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 376.82 Td (Other interest expense, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 376.82 Td (53.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 376.82 Td (53.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 376.82 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 376.82 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 376.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 362.82 Td (Swap interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 362.82 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 362.82 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 362.87 Td (\(1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 362.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 362.82 Td (\(35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 362.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 348.82 Td (Gain on divestitures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.15 348.82 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.30 348.87 Td (\(45.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 348.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 348.82 Td (45.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.45 348.82 Td (\(100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 348.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 334.82 Td (T) Tj ET Q q 0 0 0 rg BT 105.91 334.82 Td (otal other expenses, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 334.82 Td (78.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 334.82 Td (30.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 334.82 Td (48.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.75 334.82 Td (162) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 334.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 309.92 Td (INCOME BEFORE INCOME ) Tj ET Q q 0 0 0 rg BT 177.14 309.92 Td (T) Tj ET Q q 0 0 0 rg BT 182.75 309.92 Td (AXES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 309.92 Td (209.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 309.92 Td (267.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 309.97 Td (\(58.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 309.92 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 309.92 Td (\(22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 309.92 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 295.82 Td (Income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 295.82 Td (70.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 295.82 Td (100.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 295.87 Td (\(30.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 295.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 295.82 Td (\(30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 295.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 281.82 Td (NET) Tj ET Q q 0 0 0 rg BT 71.85 281.82 Td ( INCOME) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 281.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 281.82 Td (139.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 281.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 281.82 Td (167.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 281.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 281.87 Td (\(28.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 281.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 281.82 Td (\(17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 281.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 267.82 Td (Income from continuing operations per common share—Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 267.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 267.82 Td (6.62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 267.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 267.82 Td (7.40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 267.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 267.87 Td (\(0.78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 267.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 267.82 Td (\(1) Tj ET Q q 0 0 0 rg BT 544.78 267.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 267.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 253.82 Td (Net income per common share—Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 253.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 253.82 Td (6.62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 253.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 253.82 Td (7.40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 253.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 253.87 Td (\(0.78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 253.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 253.82 Td (\(1) Tj ET Q q 0 0 0 rg BT 544.78 253.82 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 253.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (______________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 225.75 Td (NM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.61 225.75 Td (? 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Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.45 741.45 Td (For) Tj ET Q q 0 0 0 rg BT 479.36 741.45 Td ( the ) Tj ET Q q 0 0 0 rg BT 495.61 741.45 Td (Y) Tj ET Q q 0 0 0 rg BT 501.44 741.45 Td (ear) Tj ET Q q 0 0 0 rg BT 513.35 741.45 Td ( Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.80 732.45 Td (December) Tj ET Q q 0 0 0 rg BT 515.69 732.45 Td ( 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 718.46 Td (? 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ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 658.67 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 658.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 658.67 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 658.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 643.67 Td (Parts and service) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 643.67 Td (12.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 643.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.25 643.67 Td (1) Tj ET Q q 0 0 0 rg BT 537.25 643.67 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 643.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 628.67 Td (Finance and insurance, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 628.67 Td (4.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 628.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 628.67 Td (4.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 628.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.50 614.57 Td (T) Tj ET Q q 0 0 0 rg BT 105.26 614.57 Td (otal revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.65 613.67 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 613.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.25 613.67 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 613.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 599.57 Td (GROSS PROFIT) Tj ET Q q 0 0 0 rg BT 120.60 599.57 Td ( MIX PERCENT) Tj ET Q q 0 0 0 rg BT 189.00 599.57 Td (AGES:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 584.57 Td (New vehicles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 583.67 Td (16.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 583.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.25 583.67 Td (17.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 583.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 569.57 Td (Used retail vehicles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 568.67 Td (1) Tj ET Q q 0 0 0 rg BT 478.65 568.67 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 568.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.25 568.67 Td (12.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 568.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 554.57 Td (Used vehicle wholesale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 553.67 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 553.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.95 553.67 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 553.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 538.67 Td (Parts and service) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 538.67 Td (46.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 538.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.25 538.67 Td (45.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 538.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.50 523.67 Td (Finance and insurance, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 523.67 Td (26.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 523.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.25 523.67 Td (24.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 523.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.50 509.57 Td (T) Tj ET Q q 0 0 0 rg BT 104.91 509.57 Td (otal gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.65 508.67 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 508.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.25 508.67 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 508.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 494.57 Td (GROSS PROFIT) Tj ET Q q 0 0 0 rg BT 120.60 494.57 Td ( MARGIN) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 493.67 Td (16.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 493.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.25 493.67 Td (16.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 493.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 479.57 Td (SG&A) Tj ET Q q 0 0 0 rg BT 78.73 479.57 Td ( EXPENSES ) Tj ET Q q 0 0 0 rg BT 132.63 479.57 Td (AS ) Tj ET Q q 0 0 0 rg BT 147.36 479.57 Td (A) Tj ET Q q 0 0 0 rg BT 154.03 479.57 Td ( PERCENT) Tj ET Q q 0 0 0 rg BT 200.18 479.57 Td (AGE OF GROSS PROFIT) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 478.67 Td (69.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 478.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.25 478.67 Td (69.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 478.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 453.50 Td (T) Tj ET Q q 0 0 0 rg BT 68.41 453.50 Td (otal revenue during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.66 453.50 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.66 453.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.16 453.50 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.57 453.50 Td (d by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.57 453.50 Td ($71.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.46 453.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.29 453.50 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.63 453.50 Td (\) compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.66 453.50 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.66 453.50 Td (, due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.81 453.50 Td ($42.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.70 453.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.53 453.50 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.86 453.50 Td (\)? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.69 453.50 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.11 453.50 Td ( in used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 441.50 Td (vehicle revenue, and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.39 441.50 Td ($50.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.29 441.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.12 441.50 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.45 441.50 Td (\)? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.28 441.50 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.69 441.50 Td ( in new vehicle revenue, partially of) Tj ET Q q 0 0 0 rg BT 398.62 441.50 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.99 441.50 Td ($14.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.88 441.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.71 441.50 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.04 441.50 Td (\) increase in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 429.50 Td (F&I revenue and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.69 429.50 Td ($7.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.58 429.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.41 429.50 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.74 429.50 Td (\) increase in parts and service revenue. ) Tj ET Q q 0 0 0 rg BT 352.26 429.50 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.31 429.50 Td ($2.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.20 429.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.70 429.50 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.12 429.50 Td ( in gross profit during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 417.50 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 417.50 Td ( was the result of an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.25 417.50 Td ($18.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.15 417.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.98 417.50 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.31 417.50 Td (\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.14 417.50 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.55 417.50 Td ( in new vehicle gross profit, and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.57 417.50 Td ($5.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.46 417.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.29 417.50 Td (4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.62 417.50 Td (\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.45 417.50 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.86 417.50 Td ( in used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 405.50 Td (vehicle gross profit, partially of) Tj ET Q q 0 0 0 rg BT 175.67 405.50 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.05 405.50 Td ($14.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.94 405.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.77 405.50 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.10 405.50 Td (\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.93 405.50 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.68 405.50 Td ( in F&I gross profit, and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.34 405.50 Td ($6.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.23 405.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.06 405.50 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.39 405.50 Td (\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.22 405.50 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.98 405.50 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 393.50 Td (parts and service gross profit. Our total gross profit mar) Tj ET Q q 0 0 0 rg BT 272.04 393.50 Td (gin improved 20 basis points to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.37 393.50 Td (16.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.20 393.50 Td (, primarily due to our F&I and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 381.50 Td (parts and service businesses, which had higher mar) Tj ET Q q 0 0 0 rg BT 253.70 381.50 Td (gins than new and used vehicle sales and represented a lar) Tj ET Q q 0 0 0 rg BT 485.66 381.50 Td (ger percentage of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 369.50 Td (our total revenues for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.80 369.50 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.80 369.50 Td ( compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.50 369.50 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.50 369.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 348.50 Td (Income from operations during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.19 348.50 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.19 348.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.69 348.50 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.10 348.50 Td (d by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.10 348.50 Td ($10.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.99 348.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.82 348.50 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 348.50 Td (\) compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.19 348.50 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.19 348.50 Td (, primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.05 348.50 Td ($5.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.94 348.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 336.50 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.13 336.50 Td (ge in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.34 336.50 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.34 336.50 Td (, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.28 336.50 Td ($3.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.17 336.50 Td ( increase in other operating expense \(income\), net, and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.41 336.50 Td ($1.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.30 336.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.13 336.50 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.46 336.50 Td (\) increase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.50 Td (in depreciation and amortization expenses, partially of) Tj ET Q q 0 0 0 rg BT 266.74 324.50 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.12 324.50 Td ($2.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.01 324.50 Td ( decrease in selling, general and administrative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 312.50 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 90.42 312.50 Td (T) Tj ET Q q 0 0 0 rg BT 95.83 312.50 Td (otal other expenses, net increased in 2017 by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.72 312.50 Td ($48.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.61 312.50 Td (, primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.48 312.50 Td ($45.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.37 312.50 Td ( gain on divestitures in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 300.50 Td (2016, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.44 300.50 Td ($3.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.33 300.50 Td ( increase in floor plan interest expense in 2017, and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.81 300.50 Td ($0.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.71 300.50 Td ( increase in other interest expense, net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 288.50 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.47 288.50 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.85 288.50 Td ($1.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.74 288.50 Td ( decrease in swap interest expense. ) Tj ET Q q 0 0 0 rg BT 320.07 288.50 Td (As a result, income before income taxes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.79 288.50 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.21 288.50 Td (d by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.21 288.50 Td ($58.7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 276.50 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 276.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.22 276.50 Td (22%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.55 276.50 Td (\) to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.66 276.50 Td ($209.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.55 276.50 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.33 276.50 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.33 276.50 Td ( resulting in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.54 276.50 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.96 276.50 Td ( in income tax expense of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.92 276.50 Td ($30.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.81 276.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.64 276.50 Td (30%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.97 276.50 Td (\). Net income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 264.50 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.91 264.50 Td (d by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.91 264.50 Td ($28.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.81 264.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.64 264.50 Td (17%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.97 264.50 Td (\) from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.73 264.50 Td ($167.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.63 264.50 Td ( in 2016 to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.18 264.50 Td ($139.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.07 264.50 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.85 264.50 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.85 264.50 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 243.50 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 243.50 Td (e assess the or) Tj ET Q q 0 0 0 rg BT 128.39 243.50 Td (ganic growth of our revenue and gross profit on a same store basis. ) Tj ET Q q 0 0 0 rg BT 398.69 243.50 Td (W) Tj ET Q q 0 0 0 rg BT 407.33 243.50 Td (e believe that our assessment on a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 231.50 Td (same store basis represents an important indicator of comparative financial performance and provides relevant information to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 219.50 Td (assess our performance. ) Tj ET Q q 0 0 0 rg BT 147.24 219.50 Td (As such, for the following discussion, same store amounts consist of information from dealerships for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 207.50 Td (identical months in each comparative period, commencing with the first month we owned the dealership. ) Tj ET Q q 0 0 0 rg BT 471.33 207.50 Td (Additionally) Tj ET Q q 0 0 0 rg BT 521.23 207.50 Td (, amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 195.50 Td (related to divested dealerships are excluded from each comparative period.) 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236.10000000000002 m 391 236.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 236.10000000000002 m 454 236.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 236.10000000000002 m 391 236.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 223.10000000000002 m 391 223.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 221.10000000000002 m 391 221.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 236.10000000000002 m 454 236.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 223.10000000000002 m 454 223.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 221.10000000000002 m 454 221.10000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 716.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.95 725.50 Td (For) Tj ET Q q 0 0 0 rg BT 368.86 725.50 Td ( the ) Tj ET Q q 0 0 0 rg BT 385.11 725.50 Td (Y) Tj ET Q q 0 0 0 rg BT 390.94 725.50 Td (ear) Tj ET Q q 0 0 0 rg BT 402.85 725.50 Td ( Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.30 716.50 Td (December) Tj ET Q q 0 0 0 rg BT 405.19 716.50 Td ( 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.30 710.55 Td (Incr) Tj ET Q q 0 0 0 rg BT 482.63 710.55 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.30 701.55 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 483.62 701.55 Td (ease\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.00 710.55 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.70 701.55 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 701.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 701.55 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.00 701.55 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 688.36 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.40 688.50 Td (\(Dollars in millions, except for) Tj ET Q q 0 0 0 rg BT 471.47 688.50 Td ( per) Tj ET Q q 0 0 0 rg BT 486.55 688.50 Td ( vehicle data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 674.67 Td (As Reported:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 660.67 Td (Revenue:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 646.67 Td (Luxury) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 646.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 646.67 Td (1,200.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 646.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 646.67 Td (1,251.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 646.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 646.72 Td (\(51.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 646.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 646.67 Td (\(4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 646.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 632.67 Td (Import) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 632.67 Td (1,637.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 632.67 Td (1,617.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 632.67 Td (19.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 632.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 632.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 618.67 Td (Domestic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 618.67 Td (723.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 618.67 Td (742.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 618.72 Td (\(19.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 618.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 618.67 Td (\(3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 618.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 604.67 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 604.67 Td (otal new vehicle revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 604.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 604.67 Td (3,561.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 604.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 604.67 Td (3,61) Tj ET Q q 0 0 0 rg BT 437.65 604.67 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 604.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 604.72 Td (\(50.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 604.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 604.67 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 604.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 590.67 Td (Gross profit:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 576.67 Td (Luxury) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 576.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 576.67 Td (78.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 576.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 576.67 Td (84.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 576.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 576.72 Td (\(5.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 576.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 576.67 Td (\(7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 576.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 562.67 Td (Import) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 562.67 Td (56.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 562.67 Td (68.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 562.72 Td (\(12.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 562.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 562.67 Td (\(18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 562.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 548.67 Td (Domestic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 548.67 Td (33.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 548.67 Td (33.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 548.72 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 548.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 548.67 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 548.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 534.67 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 534.67 Td (otal new vehicle gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 534.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 534.67 Td (169.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 534.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 534.67 Td (187.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 534.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 534.72 Td (\(18.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 534.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 534.67 Td (\(10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 534.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 520.67 Td (New vehicle units:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 506.67 Td (Luxury) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 506.67 Td (22,525) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 506.67 Td (23,875) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 506.72 Td (\(1,350) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 506.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 506.67 Td (\(6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 506.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 492.67 Td (Import) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 492.67 Td (58,685) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 492.67 Td (58,466) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 492.67 Td (219) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 492.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 492.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 478.67 Td (Domestic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 478.67 Td (18,765) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 478.67 Td (20,019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 478.72 Td (\(1,254) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 478.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 478.67 Td (\(6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 478.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 464.67 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 464.67 Td (otal new vehicle units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 464.67 Td (99,975) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.65 464.67 Td (102,360) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 464.72 Td (\(2,385) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 464.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 464.67 Td (\(2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 464.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 436.67 Td (Same Store:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 422.67 Td (Revenue:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 408.67 Td (Luxury) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 408.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 408.67 Td (1,200.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 408.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 408.67 Td (1,226.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 408.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 408.72 Td (\(26.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 408.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 408.67 Td (\(2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 408.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 394.67 Td (Import) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 394.67 Td (1,610.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 394.67 Td (1,557.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 394.67 Td (52.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 394.67 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 394.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 380.67 Td (Domestic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 380.67 Td (652.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 380.67 Td (698.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 380.72 Td (\(46.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 380.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 380.67 Td (\(7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 380.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 366.67 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 366.67 Td (otal new vehicle revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 366.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 366.67 Td (3,462.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 366.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 366.67 Td (3,482.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 366.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 366.72 Td (\(20.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 366.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 366.67 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 366.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 352.67 Td (Gross profit:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 338.67 Td (Luxury) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 338.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 338.67 Td (79.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 338.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 338.67 Td (82.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 338.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 338.72 Td (\(3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 338.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 338.67 Td (\(4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 338.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 324.67 Td (Import) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 324.67 Td (56.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 324.67 Td (67.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 324.72 Td (\(10.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 324.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 324.67 Td (\(16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 324.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 310.67 Td (Domestic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 310.67 Td (28.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 310.67 Td (31.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 310.72 Td (\(3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 310.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 310.67 Td (\(10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 310.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 296.67 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 296.67 Td (otal new vehicle gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 296.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 296.67 Td (164.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 296.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 296.67 Td (181.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 296.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 296.72 Td (\(17.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 296.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 296.67 Td (\(10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 296.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 282.67 Td (New vehicle units:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 268.67 Td (Luxury) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 268.67 Td (22,525) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 268.67 Td (23,424) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.80 268.72 Td (\(899) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 268.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 268.67 Td (\(4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 268.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 254.67 Td (Import) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 254.67 Td (57,813) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 254.67 Td (56,430) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 254.67 Td (1,383) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 254.67 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 254.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 240.67 Td (Domestic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 240.67 Td (16,731) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 240.67 Td (18,716) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 240.72 Td (\(1,985) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 240.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 240.67 Td (\(1) Tj ET Q q 0 0 0 rg BT 544.78 240.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 240.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 226.67 Td (T) Tj ET Q q 0 0 0 rg BT 105.91 226.67 Td (otal new vehicle units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 226.67 Td (97,069) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 226.67 Td (98,570) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 226.72 Td (\(1,501) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 226.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 226.67 Td (\(2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 226.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (36) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (New V) Tj ET Q q 0 0 0 rg BT 74.78 744.60 Td (ehicle Metrics? Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 695.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 695.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 695.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 695.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 695.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 695.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 695.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 695.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 667.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 667.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 667.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 667.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 667.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 667.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 667.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 667.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 639.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 639.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 639.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 639.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 639.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 639.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 639.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 639.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 611.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 611.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 611.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 611.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 611.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 611.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 611.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 611.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 583.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 583.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 583.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 583.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 583.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 583.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 583.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 583.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 555.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 555.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 555.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 555.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 555.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 555.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 555.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 555.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 527.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 527.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 527.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 527.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 527.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 527.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 527.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 527.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 499.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 499.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 499.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 499.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 499.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 499.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 499.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 499.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 471.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 471.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 471.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 471.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 471.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 471.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 471.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 471.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 443.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 443.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 443.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 443.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 443.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 443.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 443.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 443.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 415.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 415.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 415.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 415.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 415.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 415.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 415.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 415.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 387.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 387.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 387.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 387.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 387.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 387.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 387.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 387.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 359.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 359.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 359.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 359.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 359.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 359.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 359.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 359.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 331.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 331.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 331.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 331.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 331.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 331.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 331.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 331.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 303.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 303.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 303.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 303.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 303.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 303.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 303.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 303.10 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 712.1 m 391 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 712.1 m 395 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 712.1 m 453 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 712.1 m 391 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 695.1 m 391 695.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 712.1 m 453 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 695.1 m 453 695.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 695.1 m 507 695.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 695.1 m 561 695.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 668.1 m 391 668.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 666.1 m 391 666.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 668.1 m 453 668.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 666.1 m 453 666.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 654.1 m 391 654.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 652.1 m 391 652.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 654.1 m 453 654.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 652.1 m 453 652.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 640.1 m 391 640.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 638.1 m 391 638.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 640.1 m 453 640.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 638.1 m 453 638.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 598.1 m 391 598.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 596.1 m 391 596.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 598.1 m 453 598.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 596.1 m 453 596.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 584.1 m 391 584.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 582.1 m 391 582.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 584.1 m 453 584.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 582.1 m 453 582.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 556.1 m 391 556.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 554.1 m 391 554.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 556.1 m 453 556.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 554.1 m 453 554.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 542.1 m 391 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 540.1 m 391 540.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 542.1 m 453 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 540.1 m 453 540.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 514.1 m 391 514.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 512.1 m 391 512.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 514.1 m 453 514.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 512.1 m 453 512.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 500.1 m 391 500.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 498.1 m 391 498.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 500.1 m 453 500.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 498.1 m 453 498.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 458.1 m 391 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 456.1 m 391 456.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 458.1 m 453 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 456.1 m 453 456.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 444.1 m 391 444.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 442.1 m 391 442.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 444.1 m 453 444.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 442.1 m 453 442.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 430.1 m 391 430.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 428.1 m 391 428.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 430.1 m 453 430.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 428.1 m 453 428.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 388.1 m 391 388.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 386.1 m 391 386.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 388.1 m 453 388.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 386.1 m 453 386.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 374.1 m 391 374.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 372.1 m 391 372.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 374.1 m 453 374.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 372.1 m 453 372.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 346.1 m 391 346.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 344.1 m 391 344.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 346.1 m 453 346.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 344.1 m 453 344.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 332.1 m 391 332.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 330.1 m 391 330.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 332.1 m 453 332.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 330.1 m 453 330.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 304.1 m 391 304.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 302.1 m 391 302.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 304.1 m 453 304.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 302.1 m 453 302.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 290.1 m 391 290.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 288.1 m 391 288.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 290.1 m 453 290.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 288.1 m 453 288.1 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 716.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.45 725.50 Td (For) Tj ET Q q 0 0 0 rg BT 368.36 725.50 Td ( the ) Tj ET Q q 0 0 0 rg BT 384.61 725.50 Td (Y) Tj ET Q q 0 0 0 rg BT 390.44 725.50 Td (ear) Tj ET Q q 0 0 0 rg BT 402.35 725.50 Td ( Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.80 716.50 Td (December) Tj ET Q q 0 0 0 rg BT 404.69 716.50 Td ( 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.30 708.55 Td (Incr) Tj ET Q q 0 0 0 rg BT 481.72 708.55 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.30 699.55 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 482.70 699.55 Td (ease\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.00 708.55 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 520.70 699.55 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 699.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 699.55 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.50 699.55 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 685.67 Td (As Reported:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 671.67 Td (Revenue per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 671.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 671.67 Td (35,620) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 671.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.65 671.67 Td (35,286) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 671.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.75 671.67 Td (334) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.80 671.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 671.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 657.67 Td (Gross profit per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 657.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 657.67 Td (1,690) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 657.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 657.67 Td (1,828) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 657.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.45 657.67 Td (\(138) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 657.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.45 657.67 Td (\(8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.80 657.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 643.67 Td (New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 144.32 643.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 643.67 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 643.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 643.67 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 643.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.95 643.67 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 643.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 615.67 Td (Luxury:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 601.67 Td (Gross profit per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 601.67 Td (3,503) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 601.67 Td (3,535) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.45 601.67 Td (\(32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 601.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.45 601.67 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.80 601.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 587.67 Td (New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 162.32 587.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 587.67 Td (6.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 587.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 587.67 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 587.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.95 587.67 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 587.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 573.67 Td (Import:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 559.67 Td (Gross profit per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 559.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.15 559.67 Td (968) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 559.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 559.67 Td (1,178) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 559.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.45 559.67 Td (\(210) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 559.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.45 559.67 Td (\(18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.80 559.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 545.67 Td (New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 162.32 545.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 545.67 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 545.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 545.67 Td (4.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 545.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.95 545.67 Td (\(0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 545.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 531.67 Td (Domestic:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 517.67 Td (Gross profit per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 517.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 517.67 Td (1,775) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 517.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 517.67 Td (1,688) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 517.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.75 517.67 Td (87) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.80 517.67 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 517.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 503.67 Td (New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 162.32 503.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 503.67 Td (4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 503.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 503.67 Td (4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 503.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.75 503.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 503.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 475.67 Td (Same Store:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 461.67 Td (Revenue per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 461.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 461.67 Td (35,673) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 461.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.65 461.67 Td (35,332) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 461.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.75 461.67 Td (341) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.80 461.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 461.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 447.67 Td (Gross profit per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 447.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 447.67 Td (1,690) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 447.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 447.67 Td (1,839) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 447.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.45 447.67 Td (\(149) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 447.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.45 447.67 Td (\(8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.80 447.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 433.67 Td (New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 144.32 433.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 433.67 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 433.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 433.67 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 433.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.95 433.67 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 433.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 405.67 Td (Luxury:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 391.67 Td (Gross profit per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 391.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 391.67 Td (3,507) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 391.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 391.67 Td (3,518) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 391.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.45 391.67 Td (\(1) Tj ET Q q 0 0 0 rg BT 489.78 391.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 391.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.75 391.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 391.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 377.67 Td (New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 162.32 377.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 377.67 Td (6.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 377.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 377.67 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 377.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.95 377.67 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 377.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 363.67 Td (Import:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 349.67 Td (Gross profit per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 349.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.15 349.67 Td (974) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 349.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 349.67 Td (1,187) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 349.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.45 349.67 Td (\(213) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 349.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.45 349.67 Td (\(18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.80 349.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 335.67 Td (New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 162.32 335.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 335.67 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 335.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 335.67 Td (4.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 335.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.95 335.67 Td (\(0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 335.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 321.67 Td (Domestic:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 307.67 Td (Gross profit per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 307.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 307.67 Td (1,715) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 307.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 307.67 Td (1,704) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 307.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.75 307.67 Td (1) Tj ET Q q 0 0 0 rg BT 489.75 307.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.80 307.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 307.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 293.67 Td (New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 162.23 293.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 293.67 Td (4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 293.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 293.67 Td (4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 293.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.95 293.67 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 293.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 268.60 Td (New vehicle revenue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.40 268.60 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.81 268.60 Td (d by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.81 268.60 Td ($50.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.71 268.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.54 268.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.87 268.60 Td (\), primarily as a result of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.16 268.60 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.49 268.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.99 268.60 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.41 268.60 Td ( in new vehicle units sold, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 256.60 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.47 256.60 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.85 256.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.18 256.60 Td ( increase in revenue per new vehicle sold. Same store new vehicle revenue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.16 256.60 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.57 256.60 Td (d by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.57 256.60 Td ($20.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.46 256.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 244.60 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.83 244.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.16 244.60 Td (\) as a result of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.24 244.60 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.57 244.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.07 244.60 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.49 244.60 Td ( in new vehicle units sold partially of) Tj ET Q q 0 0 0 rg BT 330.89 244.60 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.26 244.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.59 244.60 Td ( increase in revenue per new vehicle sold. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 223.60 Td (Same store unit volumes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.60 223.60 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.01 223.60 Td (d by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.01 223.60 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.34 223.60 Td ( due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.00 223.60 Td (4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.33 223.60 Td ( decrease in luxury units, and an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.95 223.60 Td (1) Tj ET Q q 0 0 0 rg BT 419.58 223.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.91 223.60 Td ( decrease in domestic units, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 211.60 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.47 211.60 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.85 211.60 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.18 211.60 Td ( increase in import units. ) Tj ET Q q 0 0 0 rg BT 244.64 211.60 Td (The 2% decrease in unit sales was in line with the overall decrease in 2017 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 199.60 Td (U.S. new vehicle sales, which decreased 2% from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.38 199.60 Td (17.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.27 199.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.04 199.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.04 199.60 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.82 199.60 Td (17.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.71 199.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.49 199.60 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.49 199.60 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 178.60 Td (Same store new vehicle gross profit in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.30 178.60 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.30 178.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.80 178.60 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.21 178.60 Td (d by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.21 178.60 Td ($17.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.10 178.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.93 178.60 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.26 178.60 Td (\), as a result of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.62 178.60 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.95 178.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.45 178.60 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.87 178.60 Td ( in unit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 166.60 Td (volumes and an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.76 166.60 Td (8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.09 166.60 Td ( decrease in gross profit per new vehicle sold. ) Tj ET Q q 0 0 0 rg BT 313.41 166.60 Td (The 50 basis point decrease in same store new vehicle gross ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 154.60 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 154.60 Td (gin from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.08 154.60 Td (5.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.91 154.60 Td ( in 2016 to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.47 154.60 Td (4.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.30 154.60 Td ( in 2017, was primarily attributable to a higher mix of revenue and unit sales in our import ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 142.60 Td (brands, which have traditionally had lower mar) Tj ET Q q 0 0 0 rg BT 238.43 142.60 Td (gins than our luxury and domestic brands and experienced mar) Tj ET Q q 0 0 0 rg BT 489.56 142.60 Td (gin pressure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 130.60 Td (during 2017. ) Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (37) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (Used V) Tj ET Q q 0 0 0 rg BT 77.55 744.60 Td (ehicle? Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.32 744.60 Td (? Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 683.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 683.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 683.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 683.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 683.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 683.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 683.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 683.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 655.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 655.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 655.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 655.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 655.10 4.00 -14.00 re f /GS0 gs 0.8 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1 rg /GS0 gs 512.00 571.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 543.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 543.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 543.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 543.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 543.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 543.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 543.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 543.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 515.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 515.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 515.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 515.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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0 i [] 0 d 0 J 0 j 3 M 395 558.1 m 454 558.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 556.1 m 454 556.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 543.1 m 391 543.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 530.1 m 391 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 528.1 m 391 528.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 543.1 m 454 543.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 530.1 m 454 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 528.1 m 454 528.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 459.1 m 391 459.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 459.1 m 454 459.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 459.1 m 391 459.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 446.1 m 391 446.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 444.1 m 391 444.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 459.1 m 454 459.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 446.1 m 454 446.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 444.1 m 454 444.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 403.1 m 391 403.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 403.1 m 454 403.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 403.1 m 391 403.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 390.1 m 391 390.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 388.1 m 391 388.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 403.1 m 454 403.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 390.1 m 454 390.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 388.1 m 454 388.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 375.1 m 391 375.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 362.1 m 391 362.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 360.1 m 391 360.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 375.1 m 454 375.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 362.1 m 454 362.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 360.1 m 454 360.1 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 716.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.45 725.50 Td (For) Tj ET Q q 0 0 0 rg BT 369.36 725.50 Td ( the ) Tj ET Q q 0 0 0 rg BT 385.61 725.50 Td (Y) Tj ET Q q 0 0 0 rg BT 391.44 725.50 Td (ear) Tj ET Q q 0 0 0 rg BT 403.35 725.50 Td ( Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.80 716.50 Td (December) Tj ET Q q 0 0 0 rg BT 405.69 716.50 Td ( 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.30 709.55 Td (Incr) Tj ET Q q 0 0 0 rg BT 482.72 709.55 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.30 700.55 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 483.70 700.55 Td (ease\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.00 709.55 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.70 700.55 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 700.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.50 700.55 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.00 700.55 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 687.36 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.90 687.50 Td (\(Dollars in millions, except for) Tj ET Q q 0 0 0 rg BT 471.97 687.50 Td ( per) Tj ET Q q 0 0 0 rg BT 487.05 687.50 Td ( vehicle data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 673.67 Td (As Reported:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 659.67 Td (Revenue:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 645.67 Td (Used vehicle retail revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 645.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 645.67 Td (1,635.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 645.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 645.67 Td (1,675.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 645.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 645.72 Td (\(39.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 645.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 645.67 Td (\(2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 645.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 631.67 Td (Used vehicle wholesale revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 631.67 Td (198.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 631.67 Td (201.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 631.72 Td (\(2.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 631.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 631.67 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 631.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 617.67 Td (Used vehicle revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 617.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 617.67 Td (1,834.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 617.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 617.67 Td (1,876.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 617.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 617.72 Td (\(42.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 617.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 617.67 Td (\(2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 617.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 603.67 Td (Gross profit:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 589.67 Td (Used vehicle retail gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 589.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 589.67 Td (121.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 589.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 589.67 Td (131.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 589.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 589.72 Td (\(9.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 589.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 589.67 Td (\(8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 589.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 575.67 Td (Used vehicle wholesale gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 575.67 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.30 575.72 Td (\(3.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 575.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 575.67 Td (4.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.45 575.67 Td (\(122) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 575.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 561.67 Td (Used vehicle gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 561.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 561.67 Td (121.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 561.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 561.67 Td (127.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 561.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 561.72 Td (\(5.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 561.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 561.67 Td (\(4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 561.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 547.67 Td (Used vehicle retail units:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 533.67 Td (Used vehicle retail units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 533.67 Td (76,929) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 533.67 Td (79,259) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 533.72 Td (\(2,330) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 533.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 533.67 Td (\(3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 533.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 505.67 Td (Same Store:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 491.67 Td (Revenue:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 477.67 Td (Used vehicle retail revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 477.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 477.67 Td (1,577.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 477.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 477.67 Td (1,571.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 477.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 477.67 Td (5.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 477.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 477.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 463.67 Td (Used vehicle wholesale revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 463.67 Td (190.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 463.67 Td (192.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 463.72 Td (\(1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 463.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 463.67 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 463.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 449.67 Td (Used vehicle revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 449.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 449.67 Td (1,767.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 449.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 449.67 Td (1,763.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 449.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 449.67 Td (4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 449.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 449.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 435.67 Td (Gross profit:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 421.67 Td (Used vehicle retail gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 421.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 421.67 Td (1) Tj ET Q q 0 0 0 rg BT 369.65 421.67 Td (15.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 421.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 421.67 Td (123.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 421.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 421.72 Td (\(7.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 421.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 421.67 Td (\(6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 421.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 407.67 Td (Used vehicle wholesale gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 407.67 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.30 407.72 Td (\(2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 407.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 407.67 Td (4.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.45 407.67 Td (\(138) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 407.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 393.67 Td (Used vehicle gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 393.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 393.67 Td (1) Tj ET Q q 0 0 0 rg BT 369.65 393.67 Td (16.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 393.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 393.67 Td (120.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 393.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 393.72 Td (\(3.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 393.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 393.67 Td (\(3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 393.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 379.67 Td (Used vehicle retail units:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 365.67 Td (Used vehicle retail units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 365.67 Td (73,772) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 365.67 Td (73,490) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 365.67 Td (282) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 365.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 365.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 337.60 Td (Used V) Tj ET Q q 0 0 0 rg BT 77.55 337.60 Td (ehicle Metrics? Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 289.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 289.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 289.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 289.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 289.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 289.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 289.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 289.10 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 261.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 261.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 261.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 261.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 261.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 261.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 261.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 261.10 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 233.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 233.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 233.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 233.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 233.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 233.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 233.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 233.10 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 205.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 205.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 205.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 205.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 205.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 205.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 205.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 205.10 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 177.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 177.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 177.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 177.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 177.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 177.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 177.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 177.10 52.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 305.1 m 390 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 305.1 m 394 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 305.1 m 452 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 305.1 m 390 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 289.1 m 390 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 305.1 m 452 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 289.1 m 452 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 289.1 m 506 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 289.1 m 562 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 289.1 m 390 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 289.1 m 452 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 262.1 m 390 262.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 260.1 m 390 260.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 262.1 m 452 262.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 260.1 m 452 260.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 248.10000000000002 m 390 248.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 246.10000000000002 m 390 246.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 248.10000000000002 m 452 248.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 246.10000000000002 m 452 246.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 234.10000000000002 m 390 234.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 232.10000000000002 m 390 232.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 234.10000000000002 m 452 234.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 232.10000000000002 m 452 232.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 192.10000000000002 m 390 192.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 190.10000000000002 m 390 190.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 192.10000000000002 m 452 192.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 190.10000000000002 m 452 190.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 178.10000000000002 m 390 178.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 176.10000000000002 m 390 176.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 178.10000000000002 m 452 178.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 176.10000000000002 m 452 176.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 164.10000000000002 m 390 164.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 162.10000000000002 m 390 162.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 164.10000000000002 m 452 164.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 162.10000000000002 m 452 162.10000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 309.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.95 318.50 Td (For) Tj ET Q q 0 0 0 rg BT 367.86 318.50 Td ( the ) Tj ET Q q 0 0 0 rg BT 384.11 318.50 Td (Y) Tj ET Q q 0 0 0 rg BT 389.94 318.50 Td (ear) Tj ET Q q 0 0 0 rg BT 401.85 318.50 Td ( Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.30 309.50 Td (December) Tj ET Q q 0 0 0 rg BT 404.19 309.50 Td ( 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.30 302.55 Td (Incr) Tj ET Q q 0 0 0 rg BT 480.72 302.55 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.30 293.55 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 481.70 293.55 Td (ease\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.00 302.55 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 520.70 293.55 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 293.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 293.55 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.50 293.55 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 279.67 Td (As Reported:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 265.67 Td (Revenue per used vehicle retailed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 265.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 265.67 Td (21,257) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 265.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 265.67 Td (21,133) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 265.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.75 265.67 Td (124) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 265.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 265.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 251.67 Td (Gross profit per used vehicle retailed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 251.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 251.67 Td (1,574) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 251.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 251.67 Td (1,653) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 251.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.45 251.67 Td (\(79) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.80 251.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 251.67 Td (\(5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 251.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 237.67 Td (Used vehicle retail gross mar) Tj ET Q q 0 0 0 rg BT 169.04 237.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.65 237.67 Td (7.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 237.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 237.67 Td (7.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 237.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.95 237.67 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.80 237.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 209.67 Td (Same Store:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 195.67 Td (Revenue per used vehicle retailed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 195.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 195.67 Td (21,381) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 195.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 195.67 Td (21,383) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 195.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.45 195.67 Td (\(2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.80 195.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 195.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 195.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 181.67 Td (Gross profit per used vehicle retailed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 181.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 181.67 Td (1,564) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 181.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 181.67 Td (1,674) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 181.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.45 181.67 Td (\(1) Tj ET Q q 0 0 0 rg BT 483.78 181.67 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.80 181.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 181.67 Td (\(7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 181.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 167.67 Td (Used vehicle retail gross mar) Tj ET Q q 0 0 0 rg BT 168.95 167.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.65 167.67 Td (7.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 167.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 167.67 Td (7.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 167.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.95 167.67 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.80 167.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 142.60 Td (Used vehicle revenue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.57 142.60 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.98 142.60 Td (d by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.98 142.60 Td ($42.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.88 142.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.71 142.60 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.04 142.60 Td (\), as a result of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.62 142.60 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.95 142.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.45 142.60 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.86 142.60 Td ( in used vehicle retail units sold, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 130.60 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.47 130.60 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.85 130.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.18 130.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.68 130.60 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.43 130.60 Td ( in revenue per used vehicle retailed. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 109.60 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.83 109.60 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.83 109.60 Td (, same store used vehicle retail gross profit decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.80 109.60 Td ($7.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.70 109.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.53 109.60 Td (6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.86 109.60 Td (\), resulting in a decrease in our gross ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 97.60 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 97.60 Td (gin from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.08 97.60 Td (7.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.91 97.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.69 97.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.69 97.60 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.47 97.60 Td (7.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.30 97.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.08 97.60 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.08 97.60 Td (. ) Tj ET Q q 0 0 0 rg BT 226.90 97.60 Td (W) Tj ET Q q 0 0 0 rg BT 235.54 97.60 Td (e primarily attribute the 50 basis point decrease in same store used vehicle retail ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 85.60 Td (gross mar) Tj ET Q q 0 0 0 rg BT 88.48 85.60 Td (gin, to increased competition and price transparency within the used vehicle marketplace. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 61.60 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 61.60 Td (e believe that our used vehicle inventory continues to be well-aligned with current consumer demand, with approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 49.60 Td (31 days of supply as of December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.07 49.60 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.07 49.60 Td (.) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (38) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (Parts and Service? 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/GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 412.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 382.10 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 382.10 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 382.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 382.10 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 382.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 382.10 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 382.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 382.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 352.10 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 352.10 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 352.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 352.10 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 352.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 352.10 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 352.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 352.10 42.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 711.1 m 421 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 711.1 m 425 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 711.1 m 466 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 711.1 m 421 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 696.1 m 421 696.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 711.1 m 466 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 696.1 m 466 696.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 696.1 m 517 696.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521 696.1 m 563 696.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 592.1 m 421 592.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 592.1 m 466 592.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 592.1 m 421 592.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 592.1 m 466 592.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 576.1 m 421 576.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 578.1 m 421 578.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 563.1 m 421 563.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 561.1 m 421 561.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 576.1 m 466 576.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 578.1 m 466 578.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 563.1 m 466 563.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 561.1 m 466 561.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 547.1 m 421 547.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 533.1 m 421 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 531.1 m 421 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 547.1 m 466 547.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 533.1 m 466 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 531.1 m 466 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 531.1 m 421 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 533.1 m 421 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 518.1 m 421 518.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 516.1 m 421 516.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 531.1 m 466 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 533.1 m 466 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 518.1 m 466 518.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 516.1 m 466 516.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 412.1 m 421 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 412.1 m 466 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 412.1 m 421 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 412.1 m 466 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 396.1 m 421 396.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 398.1 m 421 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 383.1 m 421 383.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 381.1 m 421 381.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 396.1 m 466 396.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 398.1 m 466 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 383.1 m 466 383.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 381.1 m 466 381.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 367.1 m 421 367.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 353.1 m 421 353.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 351.1 m 421 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 367.1 m 466 367.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 353.1 m 466 353.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 351.1 m 466 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 351.1 m 421 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 353.1 m 421 353.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 338.1 m 421 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 336.1 m 421 336.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 351.1 m 466 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 353.1 m 466 353.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 338.1 m 466 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 336.1 m 466 336.1 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 715.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.95 724.55 Td (For) Tj ET Q q 0 0 0 rg BT 398.86 724.55 Td ( the ) Tj ET Q q 0 0 0 rg BT 415.11 724.55 Td (Y) Tj ET Q q 0 0 0 rg BT 420.94 724.55 Td (ear) Tj ET Q q 0 0 0 rg BT 432.85 724.55 Td ( Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.30 715.55 Td (December) Tj ET Q q 0 0 0 rg BT 435.19 715.55 Td ( 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.80 709.55 Td (Incr) Tj ET Q q 0 0 0 rg BT 493.22 709.55 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.80 700.55 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 494.20 700.55 Td (ease\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.00 709.55 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.70 700.55 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 700.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.00 700.55 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 700.55 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 686.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.70 686.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 672.67 Td (As Reported:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 656.77 Td (Parts and service revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 656.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 656.77 Td (786.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 656.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 656.77 Td (778.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 656.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 656.77 Td (7.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 656.77 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 656.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 641.77 Td (Parts and service gross profit:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 626.77 Td (Customer pay) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 626.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 626.77 Td (272.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 626.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 626.77 Td (268.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 626.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 626.77 Td (4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 626.77 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 626.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 611.77 Td (W) Tj ET Q q 0 0 0 rg BT 85.54 611.77 Td (arranty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.60 611.77 Td (81.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 611.77 Td (73.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 611.77 Td (8.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.80 611.77 Td (1) Tj ET Q q 0 0 0 rg BT 545.80 611.77 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 611.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 596.77 Td (Wholesale parts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.60 596.77 Td (21.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 596.77 Td (20.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 596.77 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 596.77 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 596.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 581.77 Td (Parts and service gross profit, excluding reconditioning and preparation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 581.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 581.77 Td (375.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 581.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 581.77 Td (362.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 581.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 581.77 Td (12.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 581.77 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 581.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 567.67 Td (Parts and service gross mar) Tj ET Q q 0 0 0 rg BT 185.82 567.67 Td (gin, excluding reconditioning and preparation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.60 566.77 Td (47.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 566.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 566.77 Td (46.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 566.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 566.77 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 566.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 551.77 Td (Reconditioning and preparation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 551.77 Td (1) Tj ET Q q 0 0 0 rg BT 394.60 551.77 Td (14.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 551.77 Td (120.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.30 551.82 Td (\(6.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 551.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.45 551.77 Td (\(5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 551.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 536.77 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 536.77 Td (otal parts and service gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 536.77 Td (489.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 536.77 Td (483.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 536.77 Td (6.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 536.77 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 536.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 522.67 Td (T) Tj ET Q q 0 0 0 rg BT 82.26 522.67 Td (otal parts and service gross mar) Tj ET Q q 0 0 0 rg BT 208.17 522.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.60 521.77 Td (62.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 521.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 521.77 Td (62.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 521.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 521.77 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 521.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 492.67 Td (Same Store:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 476.77 Td (Parts and service revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 476.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 476.77 Td (772.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 476.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 476.77 Td (743.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 476.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 476.77 Td (28.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 476.77 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 476.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 461.77 Td (Parts and service gross profit:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 446.77 Td (Customer pay) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 446.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 446.77 Td (267.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 446.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 446.77 Td (257.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 446.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 446.77 Td (9.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 446.77 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 446.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 431.77 Td (W) Tj ET Q q 0 0 0 rg BT 85.54 431.77 Td (arranty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.60 431.77 Td (80.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 431.77 Td (71.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 431.77 Td (9.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.80 431.77 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 431.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 416.77 Td (Wholesale parts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.60 416.77 Td (21.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 416.77 Td (19.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 416.77 Td (1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 416.77 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 416.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 401.77 Td (Parts and service gross profit, excluding reconditioning and preparation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 401.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 401.77 Td (368.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 401.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 401.77 Td (348.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 401.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 401.77 Td (20.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 401.77 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 401.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 387.67 Td (Parts and service gross mar) Tj ET Q q 0 0 0 rg BT 185.82 387.67 Td (gin, excluding reconditioning and preparation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.60 386.77 Td (47.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 386.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 386.77 Td (46.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 386.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 386.77 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 386.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 371.77 Td (Reconditioning and preparation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 371.77 Td (1) Tj ET Q q 0 0 0 rg BT 394.60 371.77 Td (12.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 371.77 Td (1) Tj ET Q q 0 0 0 rg BT 439.60 371.77 Td (14.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.30 371.82 Td (\(2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 371.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.45 371.77 Td (\(2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 371.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 356.77 Td (T) Tj ET Q q 0 0 0 rg BT 105.91 356.77 Td (otal parts and service gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 356.77 Td (480.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 356.77 Td (462.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 356.77 Td (17.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 356.77 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 356.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 342.67 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 342.67 Td (otal parts and service gross mar) Tj ET Q q 0 0 0 rg BT 208.08 342.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.60 341.77 Td (62.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 341.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 341.77 Td (62.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 341.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 341.77 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 341.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 316.60 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.05 316.60 Td ($7.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.94 316.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.77 316.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.10 316.60 Td (\) increase in parts and service revenue is primarily due to a $13.2 million \(9%\) increase in warranty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 304.60 Td (revenue, partially of) Tj ET Q q 0 0 0 rg BT 130.12 304.60 Td (fset by a $5.6 million \(1%\) decrease in customer pay revenue. Same store parts and service revenue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 292.60 Td (increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.25 292.60 Td ($28.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.15 292.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.98 292.60 Td (4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.31 292.60 Td (\) from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.07 292.60 Td ($743.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.97 292.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.74 292.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.74 292.60 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.52 292.60 Td ($772.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.41 292.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.19 292.60 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.19 292.60 Td (. ) Tj ET Q q 0 0 0 rg BT 394.01 292.60 Td (The increase in same store parts and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 280.60 Td (service revenue was primarily due to a $15.4 million \(1) Tj ET Q q 0 0 0 rg BT 270.73 280.60 Td (1%\) increase in warranty revenue, a $6.9 million \(1%\) increase in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 268.60 Td (customer pay revenue, and a $6.6 million \(6%\) increase in wholesale parts revenue. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 247.60 Td (Parts and service gross profit, excluding reconditioning and preparation, increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.06 247.60 Td ($12.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.95 247.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.78 247.60 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.11 247.60 Td (\) to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.22 247.60 Td ($375.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.11 247.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 235.60 Td (and same store gross profit, excluding reconditioning and preparation, increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.23 235.60 Td ($20.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.12 235.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.95 235.60 Td (6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.28 235.60 Td (\) to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.39 235.60 Td ($368.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.28 235.60 Td (. ) Tj ET Q q 0 0 0 rg BT 538.10 235.60 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 223.60 Td ($20.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.39 223.60 Td ( increase in same store gross profit is primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.78 223.60 Td ($9.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.67 223.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 223.60 Td (13%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.83 223.60 Td (\) increase in warranty gross profit and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 211.60 Td ($9.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.39 211.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.72 211.60 Td (4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.05 211.60 Td (\) increase in customer pay gross profit, which has continued to benefit from our strategic focus to improve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 199.60 Td (customer retention and the recent trend of increasing new vehicle sales over the past few years. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 178.60 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 178.60 Td (e continue to focus on increasing our parts and service revenue, specifically our customer pay business, over the long-term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 166.60 Td (by upgrading equipment, focusing on improving customer retention and customer satisfaction, and capitalizing on our dealer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 154.60 Td (training programs.) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (39) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (Finance and Insurance, net? Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 168.36 744.60 Td (? Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 684.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 684.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 684.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 684.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 684.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 684.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 684.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 684.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 656.10 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 656.10 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 656.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 656.10 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 656.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 656.10 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 656.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 656.10 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 626.10 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 626.10 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 626.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 626.10 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 626.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 626.10 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 626.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 626.10 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 596.10 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 596.10 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 596.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 596.10 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 596.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 596.10 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 596.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 596.10 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 712.1 m 391.5 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 712.1 m 395.5 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 712.1 m 453.5 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 712.1 m 391.5 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 697.1 m 391.5 697.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 712.1 m 453.5 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 697.1 m 453.5 697.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 697.1 m 507.5 697.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 697.1 m 561.5 697.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 655.1 m 391.5 655.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 657.1 m 391.5 657.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 642.1 m 391.5 642.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 640.1 m 391.5 640.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 655.1 m 453.5 655.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 657.1 m 453.5 657.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 642.1 m 453.5 642.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 640.1 m 453.5 640.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 595.1 m 391.5 595.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 597.1 m 391.5 597.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 582.1 m 391.5 582.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 580.1 m 391.5 580.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 595.1 m 453.5 595.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 597.1 m 453.5 597.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 582.1 m 453.5 582.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 580.1 m 453.5 580.1 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 716.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.95 725.50 Td (For) Tj ET Q q 0 0 0 rg BT 368.86 725.50 Td ( the ) Tj ET Q q 0 0 0 rg BT 385.11 725.50 Td (Y) Tj ET Q q 0 0 0 rg BT 390.94 725.50 Td (ear) Tj ET Q q 0 0 0 rg BT 402.85 725.50 Td ( Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.30 716.50 Td (December) Tj ET Q q 0 0 0 rg BT 405.19 716.50 Td ( 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.80 710.55 Td (Incr) Tj ET Q q 0 0 0 rg BT 482.22 710.55 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.80 701.55 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 483.20 701.55 Td (ease\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.50 710.55 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.20 701.55 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 701.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.50 701.55 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.00 701.55 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 688.36 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.40 688.50 Td (\(Dollars in millions, except for) Tj ET Q q 0 0 0 rg BT 471.47 688.50 Td ( per) Tj ET Q q 0 0 0 rg BT 486.55 688.50 Td ( vehicle data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 674.67 Td (As Reported:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 660.67 Td (Finance and insurance, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 660.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 660.67 Td (275.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 660.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 660.67 Td (261.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.00 660.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.15 660.67 Td (14.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 660.67 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 660.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 646.67 Td (Finance and insurance, net per vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 645.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 645.77 Td (1,556) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 645.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 645.77 Td (1,437) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.00 645.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 645.77 Td (1) Tj ET Q q 0 0 0 rg BT 493.65 645.77 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 645.77 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 645.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 615.77 Td (Same Store:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 600.77 Td (Finance and insurance, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 600.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 600.77 Td (266.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 600.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 600.77 Td (249.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.00 600.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.15 600.77 Td (17.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 600.77 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 600.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 585.77 Td (Finance and insurance, net per vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 585.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 585.77 Td (1,562) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 585.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 585.77 Td (1,448) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.00 585.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 585.77 Td (1) Tj ET Q q 0 0 0 rg BT 493.65 585.77 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 585.77 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 585.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 560.60 Td (F&I revenue increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.57 560.60 Td ($14.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.46 560.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.29 560.60 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.62 560.60 Td (\) during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.06 560.60 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.06 560.60 Td ( when compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.92 560.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.92 560.60 Td ( primarily as a result of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.39 560.60 Td ($1) Tj ET Q q 0 0 0 rg BT 509.02 560.60 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.02 560.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.85 560.60 Td (8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.18 560.60 Td ( \) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 548.60 Td (increase in F&I per vehicle retailed partially of) Tj ET Q q 0 0 0 rg BT 237.29 548.60 Td (fset by a 3% decrease in new and used retail unit sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 527.60 Td (On a same store basis F&I revenue increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.71 527.60 Td ($17.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.61 527.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.44 527.60 Td (7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.77 527.60 Td (\) in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.88 527.60 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.88 527.60 Td ( when compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.74 527.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.74 527.60 Td ( primarily as a result of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 515.60 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.44 515.60 Td ($1) Tj ET Q q 0 0 0 rg BT 66.07 515.60 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.07 515.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.90 515.60 Td (8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.23 515.60 Td (\) increase in F&I per vehicle retailed partially of) Tj ET Q q 0 0 0 rg BT 288.85 515.60 Td (fset by a 1% decrease in new and used retail unit sales.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 494.60 Td (For the year ended December 31, 2017, we benefited from increased up-front commissions as a result of our amended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 482.60 Td (agreement with our primary insurance products underwriter which became ef) Tj ET Q q 0 0 0 rg BT 358.36 482.60 Td (fective during the fourth quarter of 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 461.60 Td ( ) Tj ET Q endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (40) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (Selling, General, and ) Tj ET Q q 0 0 0 rg BT 137.36 744.60 Td (Administrative Expense? 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/GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 314.10 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 314.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 314.10 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 314.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 314.10 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 314.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 314.10 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 314.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 314.10 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 314.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 314.10 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 711.1 m 295 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 711.1 m 299 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 711.1 m 350 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 711.1 m 354 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 711.1 m 401 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 711.1 m 405 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 711.1 m 458 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 711.1 m 295 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 688.1 m 295 688.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 688.1 m 350 688.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 711.1 m 401 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 688.1 m 401 688.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 688.1 m 458 688.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 688.1 m 509 688.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 688.1 m 563 688.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 524.1 m 295 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 524.1 m 401 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 508.1 m 295 508.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 510.1 m 295 510.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 495.1 m 295 495.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 493.1 m 295 493.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 508.1 m 401 508.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 510.1 m 401 510.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 495.1 m 401 495.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 493.1 m 401 493.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 329.1 m 295 329.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 329.1 m 401 329.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 329.1 m 295 329.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 315.1 m 295 315.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 313.1 m 295 313.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 329.1 m 401 329.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 315.1 m 401 315.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 313.1 m 401 313.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 313.1 m 295 313.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 315.1 m 295 315.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 300.1 m 295 300.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 298.1 m 295 298.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 313.1 m 401 313.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 315.1 m 401 315.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 300.1 m 401 300.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 298.1 m 401 298.1 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 715.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.65 715.55 Td (For) Tj ET Q q 0 0 0 rg BT 300.56 715.55 Td ( the ) Tj ET Q q 0 0 0 rg BT 316.81 715.55 Td (Y) Tj ET Q q 0 0 0 rg BT 322.64 715.55 Td (ear) Tj ET Q q 0 0 0 rg BT 334.55 715.55 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 402.88 715.55 Td ( 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.80 701.55 Td (Incr) Tj ET Q q 0 0 0 rg BT 485.22 701.55 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.80 692.55 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 486.20 692.55 Td (ease\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.80 719.55 Td (% of Gr) Tj ET Q q 0 0 0 rg BT 547.71 719.55 Td (oss) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.30 710.55 Td (Pr) Tj ET Q q 0 0 0 rg BT 535.71 710.55 Td (ofit) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.30 701.55 Td (Incr) Tj ET Q q 0 0 0 rg BT 537.72 701.55 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.30 692.55 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 538.70 692.55 Td (ease\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 692.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.00 692.55 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.30 701.55 Td (% of Gr) Tj ET Q q 0 0 0 rg BT 334.13 701.55 Td (oss) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.80 692.55 Td (Pr) Tj ET Q q 0 0 0 rg BT 322.13 692.55 Td (ofit) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 692.55 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.30 701.55 Td (% of Gr) Tj ET Q q 0 0 0 rg BT 441.13 701.55 Td (oss) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 419.80 692.55 Td (Pr) Tj ET Q q 0 0 0 rg BT 429.13 692.55 Td (ofit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 678.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.70 678.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 664.67 Td (As Reported:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 649.67 Td (Personnel costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.50 648.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.65 648.77 Td (348.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.65 648.77 Td (33.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 648.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.50 648.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 648.77 Td (343.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 648.77 Td (32.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 648.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.50 648.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 648.77 Td (5.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 648.77 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 648.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 634.67 Td (Sales compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.65 633.77 Td (1) Tj ET Q q 0 0 0 rg BT 273.65 633.77 Td (1) Tj ET Q q 0 0 0 rg BT 278.65 633.77 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.65 633.77 Td (10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 633.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 633.77 Td (1) Tj ET Q q 0 0 0 rg BT 379.65 633.77 Td (12.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 633.77 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 633.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 633.82 Td (\(0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 633.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 633.77 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 633.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 619.67 Td (Share-based compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 618.77 Td (13.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 618.77 Td (1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 618.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 618.77 Td (12.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 618.77 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 618.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 618.77 Td (1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 618.77 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 618.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 604.67 Td (Outside services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 603.77 Td (80.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 603.77 Td (7.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 603.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 603.77 Td (78.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 603.77 Td (7.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 603.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 603.77 Td (2.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 603.77 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 603.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 589.67 Td (Advertising) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 588.77 Td (30.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 588.77 Td (2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 588.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 588.77 Td (34.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 588.77 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 588.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 588.82 Td (\(3.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 588.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 588.77 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 588.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 574.67 Td (Rent) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 573.77 Td (26.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 573.77 Td (2.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 573.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 573.77 Td (29.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 573.77 Td (2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 573.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 573.82 Td (\(3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 573.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 573.77 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 573.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 559.67 Td (Utilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 558.77 Td (15.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 558.77 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 558.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 558.77 Td (15.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 558.77 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 558.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 558.82 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 558.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.75 558.77 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 558.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 544.67 Td (Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 543.77 Td (13.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 543.77 Td (1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 543.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 543.77 Td (15.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 543.77 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 543.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 543.82 Td (\(2.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 543.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 543.77 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 543.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 529.67 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 528.77 Td (89.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 528.77 Td (8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 528.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 528.77 Td (91.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 528.77 Td (8.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 528.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 528.82 Td (\(2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 528.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 528.77 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 528.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 514.67 Td (Selling, general, and administrative expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.50 513.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.65 513.77 Td (729.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.65 513.77 Td (69.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 513.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.50 513.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 513.77 Td (732.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 513.77 Td (69.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 513.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.50 513.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 513.82 Td (\(2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 513.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 513.77 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 513.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 498.77 Td (Gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.50 498.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.10 498.77 Td (1,055.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.50 498.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.10 498.77 Td (1,058.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 468.77 Td (Same Store:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 453.77 Td (Personnel costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.50 453.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.65 453.77 Td (338.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.65 453.77 Td (32.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 453.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.50 453.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 453.77 Td (327.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 453.77 Td (32.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 453.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.50 453.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.65 453.77 Td (1) Tj ET Q q 0 0 0 rg BT 492.65 453.77 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 453.77 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 453.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 438.77 Td (Sales compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.65 438.77 Td (107.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.65 438.77 Td (10.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 438.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 438.77 Td (106.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 438.77 Td (10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 438.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 438.77 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 438.77 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 438.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 423.77 Td (Share-based compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 423.77 Td (13.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 423.77 Td (1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 423.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 423.77 Td (12.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 423.77 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 423.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 423.77 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 423.77 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 423.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 408.77 Td (Outside services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 408.77 Td (78.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 408.77 Td (7.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 408.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 408.77 Td (73.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 408.77 Td (7.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 408.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 408.77 Td (5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 408.77 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 408.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 393.77 Td (Advertising) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 393.77 Td (28.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 393.77 Td (2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 393.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 393.77 Td (30.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 393.77 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 393.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 393.82 Td (\(1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 393.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 393.77 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 393.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 378.77 Td (Rent) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 378.77 Td (26.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 378.77 Td (2.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 378.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 378.77 Td (29.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 378.77 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 378.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 378.82 Td (\(3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 378.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 378.77 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 378.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 363.77 Td (Utilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 363.77 Td (15.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 363.77 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 363.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 363.77 Td (14.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 363.77 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 363.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 363.77 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 363.77 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 363.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 348.77 Td (Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 348.77 Td (13.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 348.77 Td (1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 348.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 348.77 Td (14.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 348.77 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 348.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 348.82 Td (\(1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 348.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 348.77 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 348.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 333.77 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 333.77 Td (87.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 333.77 Td (8.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 333.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 333.77 Td (87.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 333.77 Td (8.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 333.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 333.82 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 333.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 333.77 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 333.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 318.77 Td (Selling, general, and administrative expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.50 318.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.65 318.77 Td (709.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.65 318.77 Td (69.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 318.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.50 318.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 318.77 Td (696.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 318.77 Td (68.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 318.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.50 318.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.65 318.77 Td (12.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 318.77 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 318.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 303.77 Td (Gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.50 303.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.10 303.77 Td (1,028.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.50 303.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.10 303.77 Td (1,013.3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 278.60 Td (SG&A) Tj ET Q q 0 0 0 rg BT 91.73 278.60 Td ( expense as a percentage of gross profit decreased 10 basis points from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.47 278.60 Td (69.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.30 278.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.08 278.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.08 278.60 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.86 278.60 Td (69.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.69 278.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.46 278.60 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.46 278.60 Td (. ) Tj ET Q q 0 0 0 rg BT 512.28 278.60 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 266.60 Td (decrease in SG&A) Tj ET Q q 0 0 0 rg BT 123.92 266.60 Td ( expense is primarily attributable to decreases in advertising, rent, and insurance, partially of) Tj ET Q q 0 0 0 rg BT 493.62 266.60 Td (fset by increases ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 254.60 Td (in higher personnel costs and outside services. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 233.60 Td (Same store SG&A) Tj ET Q q 0 0 0 rg BT 138.39 233.60 Td ( expense as a percentage of gross profit increased by 20 basis points, from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.46 233.60 Td (68.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.29 233.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.07 233.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.07 233.60 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.85 233.60 Td (69.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.68 233.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 221.60 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 221.60 Td (. ) Tj ET Q q 0 0 0 rg BT 74.32 221.60 Td (The increase in SG&A) Tj ET Q q 0 0 0 rg BT 165.13 221.60 Td ( expense is primarily attributable to higher personnel costs and higher outside services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 209.60 Td (predominately related to our investments in technologies to improve our customer experience and productivity) Tj ET Q q 0 0 0 rg BT 491.22 209.60 Td (, partially of) Tj ET Q q 0 0 0 rg BT 540.19 209.60 Td (fset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 197.60 Td (by decreases in insurance, advertising, and rent expense. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 176.60 Td (Depr) Tj ET Q q 0 0 0 rg BT 69.68 176.60 Td (eciation and ) Tj ET Q q 0 0 0 rg BT 121.71 176.60 Td (Amortization Expense ? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 155.60 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.05 155.60 Td ($1.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.94 155.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.77 155.60 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.10 155.60 Td (\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.93 155.60 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.68 155.60 Td ( in depreciation and amortization expense during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.67 155.60 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.67 155.60 Td ( compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.37 155.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.37 155.60 Td (, was primarily the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 143.60 Td (result of a higher depreciable basis of assets placed in service during 2016. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 122.60 Td (Franchise rights impairment ? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 101.60 Td ( ) Tj ET Q q 0 0 0 rg BT 66.82 101.60 Td (W) Tj ET Q q 0 0 0 rg BT 75.46 101.60 Td (e assessed our manufacturer franchise rights for impairment by comparing the present value of cash flows attributable to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 89.60 Td (each franchise right to its carrying value. ) Tj ET Q q 0 0 0 rg BT 217.49 89.60 Td (As a result of our impairment testing, we recognized a $5.1 million pretax non-cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 77.60 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 77.60 Td (ge. ) Tj ET Q endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (41) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (Other Operating Expense \(income\), net ? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 723.60 Td (Other operating expense \(income\), net includes gains and losses from the sale of property and equipment, income derived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 711.60 Td (from lease arrangements, and other non-core operating items. ) Tj ET Q q 0 0 0 rg BT 297.56 711.60 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.60 711.60 Td ($1.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.50 711.60 Td ( in other operating expense \(income\), net for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 699.60 Td (2017, is primarily due to recognized expenses associated with lease terminations of $3.1 million, partially of) Tj ET Q q 0 0 0 rg BT 483.10 699.60 Td (fset by $0.8 million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 687.60 Td (of other income, and a $0.9 million gain recognized for legal settlements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 666.60 Td (Floor Plan Inter) Tj ET Q q 0 0 0 rg BT 115.23 666.60 Td (est Expense ? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 645.60 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.55 645.60 Td ($3.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.44 645.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.27 645.60 Td (18%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.60 645.60 Td (\) increase in floor plan interest expense during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.87 645.60 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.87 645.60 Td ( compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.57 645.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.57 645.60 Td (, was primarily the result of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td (higher interest rates throughout ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.24 633.60 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.24 633.60 Td ( compared with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.95 633.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.95 633.60 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 612.60 Td (Income T) Tj ET Q q 0 0 0 rg BT 86.07 612.60 Td (ax Expense ? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 591.60 Td ( ) Tj ET Q q 0 0 0 rg BT 66.82 591.60 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.87 591.60 Td ($30.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.76 591.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.59 591.60 Td (30%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.92 591.60 Td (\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.75 591.60 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.16 591.60 Td ( in income tax expense, is primarily due to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.61 591.60 Td ($58.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.50 591.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.33 591.60 Td (22%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.67 591.60 Td (\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.50 591.60 Td (decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.91 591.60 Td ( in income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 579.60 Td (before income taxes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.80 579.60 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.80 579.60 Td ( compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.50 579.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.50 579.60 Td ( coupled with a decrease in our ef) Tj ET Q q 0 0 0 rg BT 371.98 579.60 Td (fective tax rate. Our ef) Tj ET Q q 0 0 0 rg BT 462.02 579.60 Td (fective tax rate was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 567.60 Td (33.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.33 567.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.11 567.60 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.11 567.60 Td ( compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.81 567.60 Td (37.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.64 567.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.42 567.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.42 567.60 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 546.60 Td ( On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the ) Tj ET Q q 0 0 0 rg BT 520.56 546.60 Td (T) Tj ET Q q 0 0 0 rg BT 525.97 546.60 Td (ax Cuts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 534.60 Td (and Jobs ) Tj ET Q q 0 0 0 rg BT 86.17 534.60 Td (Act \(the “T) Tj ET Q q 0 0 0 rg BT 131.00 534.60 Td (ax ) Tj ET Q q 0 0 0 rg BT 142.39 534.60 Td (Act”\). ) Tj ET Q q 0 0 0 rg BT 169.42 534.60 Td (The ) Tj ET Q q 0 0 0 rg BT 187.28 534.60 Td (T) Tj ET Q q 0 0 0 rg BT 192.69 534.60 Td (ax ) Tj ET Q q 0 0 0 rg BT 204.08 534.60 Td (Act makes broad and complex changes to the U.S. tax code that af) Tj ET Q q 0 0 0 rg BT 469.37 534.60 Td (fects 2017, including, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 522.60 Td (but not limited to, accelerated depreciation that will allow for full expensing of qualified property) Tj ET Q q 0 0 0 rg BT 439.00 522.60 Td (. ) Tj ET Q q 0 0 0 rg BT 443.82 522.60 Td (The ) Tj ET Q q 0 0 0 rg BT 461.69 522.60 Td (T) Tj ET Q q 0 0 0 rg BT 467.10 522.60 Td (ax ) Tj ET Q q 0 0 0 rg BT 478.48 522.60 Td (Act also establishes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 510.60 Td (new tax laws that will af) Tj ET Q q 0 0 0 rg BT 147.35 510.60 Td (fect 2018 and after) Tj ET Q q 0 0 0 rg BT 222.19 510.60 Td (, including a reduction in the U.S. federal corporate income tax rate from 35% to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 498.60 Td (21%. ) Tj ET Q q 0 0 0 rg BT 72.28 498.60 Td (As a result of the reduction of the federal corporate income tax rate, we revalued our net deferred tax liabilities as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 486.60 Td (December?1, 2017 and recorded a $7.9 million reduction based on our provisional estimate, with the of) Tj ET Q q 0 0 0 rg BT 466.15 486.60 Td (fset recorded as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 474.60 Td (reduction to income tax expense for the year ended December?1, 2017. Our ef) Tj ET Q q 0 0 0 rg BT 365.58 474.60 Td (fective tax rate decreased primarily as a result of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 462.60 Td (the revaluation of our net deferred tax liability balance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 441.60 Td ( Refer to Note 15 to the consolidated financial statements for further information regarding income taxes. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 399.60 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 294.60 Td ( ) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 744.75 Td (RESUL) Tj ET Q q 0 0 0 rg BT 81.93 744.75 Td (TS OF) Tj ET Q q 0 0 0 rg BT 110.17 744.75 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 146.93 744.75 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 727.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.30 727.75 Td (Y) Tj ET Q q 0 0 0 rg BT 74.41 727.75 Td (ear) Tj ET Q q 0 0 0 rg BT 88.11 727.75 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 164.03 727.75 Td ( 31, 2016 Compar) Tj ET Q q 0 0 0 rg BT 239.40 727.75 Td (ed to the ) Tj ET Q q 0 0 0 rg BT 278.19 727.75 Td (Y) Tj ET Q q 0 0 0 rg BT 284.30 727.75 Td (ear) Tj ET Q q 0 0 0 rg BT 298.00 727.75 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 373.91 727.75 Td ( 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.41 727.75 Td (? 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[] 0 d 0 J 0 j 3 M 332 512.25 m 391 512.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 512.25 m 454 512.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 512.25 m 454 512.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 442.25 m 391 442.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 442.25 m 454 442.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 442.25 m 391 442.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 442.25 m 454 442.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 358.25 m 391 358.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 344.25 m 391 344.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 358.25 m 454 358.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 344.25 m 454 344.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 344.25 m 391 344.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 344.25 m 454 344.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 305.25 m 391 305.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 305.25 m 454 305.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 277.25 m 391 277.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 277.25 m 454 277.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 264.25 m 391 264.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 262.25 m 391 262.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 264.25 m 454 264.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 262.25 m 454 262.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 262.25 m 391 262.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 264.25 m 391 264.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 250.25 m 391 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 248.25 m 391 248.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 262.25 m 454 262.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 264.25 m 454 264.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 250.25 m 454 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 248.25 m 454 248.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 248.25 m 391 248.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 250.25 m 391 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 236.25 m 391 236.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 234.25 m 391 234.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 248.25 m 454 248.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 250.25 m 454 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 236.25 m 454 236.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 234.25 m 454 234.25 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 698.71 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.95 707.70 Td (For) Tj ET Q q 0 0 0 rg BT 368.86 707.70 Td ( the ) Tj ET Q q 0 0 0 rg BT 385.11 707.70 Td (Y) Tj ET Q q 0 0 0 rg BT 390.94 707.70 Td (ear) Tj ET Q q 0 0 0 rg BT 402.85 707.70 Td ( Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.30 698.70 Td (December) Tj ET Q q 0 0 0 rg BT 405.19 698.70 Td ( 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.30 692.70 Td (Incr) Tj ET Q q 0 0 0 rg BT 482.63 692.70 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.30 683.70 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 483.62 683.70 Td (ease\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.00 692.70 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.70 683.70 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 683.71 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 683.70 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.00 683.70 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 670.51 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 670.65 Td (\(Dollars in millions, except per) Tj ET Q q 0 0 0 rg BT 482.58 670.65 Td ( shar) Tj ET Q q 0 0 0 rg BT 501.67 670.65 Td (e data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 656.82 Td (REVENUE:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 642.82 Td (New vehicle) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 642.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 642.82 Td (3,61) Tj ET Q q 0 0 0 rg BT 374.65 642.82 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 642.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 642.82 Td (3,652.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 642.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 642.87 Td (\(40.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 642.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 642.82 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 642.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 628.82 Td (Used vehicle) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 628.82 Td (1,876.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 628.82 Td (1,931.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 628.87 Td (\(55.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 628.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 628.82 Td (\(3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 628.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 614.82 Td (Parts and service) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 614.82 Td (778.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 614.82 Td (740.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 614.82 Td (37.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 614.82 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 614.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 600.82 Td (Finance and insurance, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 600.82 Td (261.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 600.82 Td (263.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 600.87 Td (\(2.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 600.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 600.82 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 600.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 586.82 Td (T) Tj ET Q q 0 0 0 rg BT 58.52 586.82 Td (OT) Tj ET Q q 0 0 0 rg BT 71.36 586.82 Td (AL) Tj ET Q q 0 0 0 rg BT 84.10 586.82 Td ( REVENUE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 586.82 Td (6,527.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 586.82 Td (6,588.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 586.87 Td (\(60.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 586.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 586.82 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 586.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 572.82 Td (GROSS PROFIT) Tj ET Q q 0 0 0 rg BT 121.44 572.82 Td (:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 558.82 Td (New vehicle) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 558.82 Td (187.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 558.82 Td (203.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 558.87 Td (\(15.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 558.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 558.82 Td (\(8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 558.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 544.82 Td (Used vehicle) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 544.82 Td (127.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 544.82 Td (131.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 544.87 Td (\(4.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 544.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 544.82 Td (\(3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 544.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 530.82 Td (Parts and service) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 530.82 Td (483.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 530.82 Td (462.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 530.82 Td (20.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 530.82 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 530.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 516.82 Td (Finance and insurance, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 516.82 Td (261.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 516.82 Td (263.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 516.87 Td (\(2.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 516.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 516.82 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 516.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 502.82 Td (T) Tj ET Q q 0 0 0 rg BT 58.52 502.82 Td (OT) Tj ET Q q 0 0 0 rg BT 71.36 502.82 Td (AL) Tj ET Q q 0 0 0 rg BT 84.10 502.82 Td ( GROSS PROFIT) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 502.82 Td (1,058.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 502.82 Td (1,060.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 502.87 Td (\(2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 502.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 502.82 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 502.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 488.82 Td (OPERA) Tj ET Q q 0 0 0 rg BT 84.73 488.82 Td (TING EXPENSES:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 474.82 Td (Selling, general, and administrative) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 474.82 Td (732.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 474.82 Td (729.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 474.82 Td (2.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 474.82 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 474.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 460.82 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 460.82 Td (30.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 460.82 Td (29.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 460.82 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 460.82 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 460.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 446.82 Td (Other operating income, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 446.87 Td (\(2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 446.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.30 446.87 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 446.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 446.87 Td (\(2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 446.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.35 446.82 Td (NM) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 432.82 Td (INCOME FROM OPERA) Tj ET Q q 0 0 0 rg BT 157.52 432.82 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 432.82 Td (297.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 432.82 Td (301.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 432.87 Td (\(3.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 432.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 432.82 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 432.82 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 418.82 Td (OTHER EXPENSES \(INCOME\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 404.82 Td (Floor plan interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 404.82 Td (19.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 404.82 Td (16.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 404.82 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 404.82 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 404.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 390.82 Td (Other interest expense, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 390.82 Td (53.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 390.82 Td (44.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 390.82 Td (9.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 390.82 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 390.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 376.82 Td (Swap interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 376.82 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 376.82 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 376.82 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 376.82 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 376.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 362.82 Td (Gain on divestitures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.30 362.87 Td (\(45.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 362.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.30 362.87 Td (\(34.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 362.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 362.87 Td (\(10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 362.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 362.82 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 362.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 348.82 Td (T) Tj ET Q q 0 0 0 rg BT 105.91 348.82 Td (otal other expenses, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 348.82 Td (30.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 348.82 Td (28.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 348.82 Td (1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 348.82 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 348.82 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 333.92 Td (INCOME FROM CONTINUING OPERA) Tj ET Q q 0 0 0 rg BT 222.79 333.92 Td (TIONS BEFORE) 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0 0 0 rg BT 469.75 523.67 Td (24.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 523.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.75 523.67 Td (24.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 523.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.00 509.57 Td (T) Tj ET Q q 0 0 0 rg BT 105.41 509.57 Td (otal gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.75 508.67 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 508.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.75 508.67 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 508.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 494.57 Td (GROSS PROFIT) Tj ET Q q 0 0 0 rg BT 121.10 494.57 Td ( MARGIN) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.75 493.67 Td (16.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 493.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.75 493.67 Td (16.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 493.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 479.57 Td (SG&A) Tj ET Q q 0 0 0 rg BT 79.23 479.57 Td ( EXPENSES ) Tj ET Q q 0 0 0 rg BT 133.13 479.57 Td (AS ) Tj ET Q q 0 0 0 rg BT 147.86 479.57 Td (A) Tj ET Q q 0 0 0 rg BT 154.53 479.57 Td ( PERCENT) Tj ET Q q 0 0 0 rg BT 200.68 479.57 Td (AGE OF GROSS PROFIT) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.75 478.67 Td (69.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 478.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.75 478.67 Td (68.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 478.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 453.50 Td (T) Tj ET Q q 0 0 0 rg BT 68.41 453.50 Td (otal revenue during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.66 453.50 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.66 453.50 Td ( decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.57 453.50 Td ($60.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.46 453.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.29 453.50 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.63 453.50 Td (\) compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.66 453.50 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.66 453.50 Td (, due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.81 453.50 Td ($55.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.70 453.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.53 453.50 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.86 453.50 Td (\) decrease in used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 441.50 Td (vehicle revenue, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.46 441.50 Td ($40.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.35 441.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.18 441.50 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.51 441.50 Td (\) decrease in new vehicle revenue, and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.58 441.50 Td ($2.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.48 441.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.31 441.50 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.64 441.50 Td (\) decrease in F&I revenue, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 429.50 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.47 429.50 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.85 429.50 Td ($37.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.74 429.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.57 429.50 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.90 429.50 Td (\) increase in parts and service revenue. ) Tj ET Q q 0 0 0 rg BT 362.92 429.50 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.96 429.50 Td ($2.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.86 429.50 Td ( decrease in gross profit during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 417.50 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 417.50 Td (, was a result of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.98 417.50 Td ($15.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.87 417.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.70 417.50 Td (8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.03 417.50 Td (\) decrease in new vehicle gross profit, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.35 417.50 Td ($4.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.24 417.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.07 417.50 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.40 417.50 Td (\) decrease in used vehicle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 405.50 Td (gross profit, and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.21 405.50 Td ($2.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.10 405.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.93 405.50 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.26 405.50 Td (\) decrease in F&I gross profit, partially of) Tj ET Q q 0 0 0 rg BT 359.25 405.50 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.63 405.50 Td ($20.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.52 405.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.35 405.50 Td (4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.68 405.50 Td (\) increase in parts and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 393.50 Td (service gross profit. Our total gross profit mar) Tj ET Q q 0 0 0 rg BT 233.17 393.50 Td (gin increased 10 basis points to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.93 393.50 Td (16.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.76 393.50 Td (, primarily due to our parts and service ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 381.50 Td (business, which has higher mar) Tj ET Q q 0 0 0 rg BT 174.57 381.50 Td (gins than new and used vehicle sales, representing a lar) Tj ET Q q 0 0 0 rg BT 395.43 381.50 Td (ger percentage of our total revenue for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 369.50 Td (the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.30 369.50 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.30 369.50 Td ( compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.80 369.50 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.80 369.50 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 348.50 Td (Income from operations during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.19 348.50 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.19 348.50 Td ( decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.10 348.50 Td ($3.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.99 348.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.82 348.50 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.15 348.50 Td (\) compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.19 348.50 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.19 348.50 Td (, primarily due to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.83 348.50 Td ($2.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.72 348.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 336.50 Td (decrease in gross profit, increases in SG&A) Tj ET Q q 0 0 0 rg BT 224.18 336.50 Td ( expenses and depreciation and amortization of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.94 336.50 Td ($2.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.83 336.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.27 336.50 Td ($1.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.16 336.50 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 324.50 Td (, partially of) Tj ET Q q 0 0 0 rg BT 146.13 324.50 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.51 324.50 Td ($2.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.40 324.50 Td ( increase in other operating income, net. ) Tj ET Q q 0 0 0 rg BT 394.21 324.50 Td (T) Tj ET Q q 0 0 0 rg BT 399.62 324.50 Td (otal other expenses, net increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 312.50 Td ($1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.39 312.50 Td (, primarily due to increase in floorplan interest expense and other interest expense, net of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.32 312.50 Td ($3.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.21 312.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.65 312.50 Td ($9.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 300.50 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 300.50 Td ( respectively) Tj ET Q q 0 0 0 rg BT 128.55 300.50 Td (, partially of) Tj ET Q q 0 0 0 rg BT 177.52 300.50 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.90 300.50 Td ($10.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.79 300.50 Td ( increase in the gain on divestitures. ) Tj ET Q q 0 0 0 rg BT 415.81 300.50 Td (As a result, income from continuing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 288.50 Td (operations before income taxes decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.09 288.50 Td ($5.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.98 288.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.81 288.50 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.14 288.50 Td (\) to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.25 288.50 Td ($267.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.14 288.50 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.92 288.50 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.92 288.50 Td (. ) Tj ET Q q 0 0 0 rg BT 411.74 288.50 Td (The decrease in income from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 276.50 Td (continuing operations before income taxes, resulted in a decrease in income tax expense of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.20 276.50 Td ($3.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.09 276.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.92 276.50 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.25 276.50 Td (\). Net income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 264.50 Td (decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.91 264.50 Td ($2.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.81 264.50 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.64 264.50 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.97 264.50 Td (\) to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.07 264.50 Td ($167.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.97 264.50 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.74 264.50 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.74 264.50 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 243.50 Td ( ) Tj ET Q q 0 0 0 rg BT 65.32 243.50 Td (W) Tj ET Q q 0 0 0 rg BT 73.96 243.50 Td (e assess the or) Tj ET Q q 0 0 0 rg BT 130.71 243.50 Td (ganic growth of our revenue and gross profit on a same store basis. ) Tj ET Q q 0 0 0 rg BT 400.64 243.50 Td (As such, for the following discussion, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 231.50 Td (same store amounts consist of information from dealerships for identical months in each comparative period, commencing with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 219.50 Td (the first month we owned the dealership. ) Tj ET Q q 0 0 0 rg BT 214.46 219.50 Td (Additionally) Tj ET Q q 0 0 0 rg BT 264.36 219.50 Td (, amounts related to divested dealerships are excluded from each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 207.50 Td (comparative period.) Tj ET Q endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (44) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (New V) Tj ET Q q 0 0 0 rg BT 74.78 744.60 Td (ehicle? Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 684.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 684.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 684.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 684.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 684.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 684.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 684.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 684.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 656.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 656.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 656.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 656.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 656.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 656.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 656.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 656.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 628.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 628.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 628.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 628.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 628.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 628.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 628.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 628.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 600.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 600.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 600.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 600.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 600.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 600.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 600.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 600.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 572.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 572.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 572.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 572.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 572.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 572.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 572.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 572.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 544.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 544.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 544.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 544.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 544.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 544.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 544.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 544.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 516.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 516.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 516.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 516.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 516.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 516.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 516.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 516.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 488.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 488.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 488.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 488.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 488.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 488.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 488.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 488.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 460.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 460.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 460.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 460.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 460.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 460.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 460.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 460.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 432.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 432.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 432.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 432.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 432.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 432.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 432.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 432.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 404.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 404.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 404.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 404.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 404.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 404.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 404.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 404.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 376.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 376.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 376.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 376.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 376.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 376.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 376.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 376.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 348.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 348.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 348.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 348.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 348.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 348.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 348.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 348.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 320.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 320.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 320.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 320.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 320.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 320.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 320.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 320.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 292.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 292.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 292.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 292.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 292.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 292.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 292.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 292.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 264.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 264.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 264.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 264.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 264.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 264.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 264.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 264.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 236.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 236.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 236.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 236.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 236.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 236.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 236.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 236.10 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 712.1 m 391 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 712.1 m 395 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 712.1 m 454 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 712.1 m 391 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 697.1 m 391 697.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 712.1 m 395 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 712.1 m 454 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 697.1 m 454 697.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 697.1 m 508 697.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 697.1 m 562 697.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 614.1 m 391 614.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 614.1 m 454 614.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 614.1 m 391 614.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 601.1 m 391 601.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 599.1 m 391 599.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 614.1 m 454 614.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 601.1 m 454 601.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 599.1 m 454 599.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 544.1 m 391 544.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 544.1 m 454 544.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 544.1 m 391 544.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 531.1 m 391 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 529.1 m 391 529.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 544.1 m 454 544.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 531.1 m 454 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 529.1 m 454 529.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 474.1 m 391 474.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 474.1 m 454 474.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 474.1 m 391 474.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 461.1 m 391 461.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 459.1 m 391 459.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 474.1 m 454 474.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 461.1 m 454 461.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 459.1 m 454 459.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 376.1 m 391 376.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 376.1 m 454 376.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 376.1 m 391 376.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 363.1 m 391 363.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 361.1 m 391 361.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 376.1 m 454 376.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 363.1 m 454 363.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 361.1 m 454 361.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 306.1 m 391 306.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 306.1 m 454 306.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 306.1 m 391 306.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 293.1 m 391 293.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 291.1 m 391 291.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 306.1 m 454 306.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 293.1 m 454 293.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 291.1 m 454 291.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 236.10000000000002 m 391 236.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 236.10000000000002 m 454 236.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 236.10000000000002 m 391 236.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 223.10000000000002 m 391 223.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 221.10000000000002 m 391 221.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 236.10000000000002 m 454 236.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 223.10000000000002 m 454 223.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 221.10000000000002 m 454 221.10000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 716.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.95 725.50 Td (For) Tj ET Q q 0 0 0 rg BT 368.86 725.50 Td ( the ) Tj ET Q q 0 0 0 rg BT 385.11 725.50 Td (Y) Tj ET Q q 0 0 0 rg BT 390.94 725.50 Td (ear) Tj ET Q q 0 0 0 rg BT 402.85 725.50 Td ( Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.30 716.50 Td (December) Tj ET Q q 0 0 0 rg BT 405.19 716.50 Td ( 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.30 710.55 Td (Incr) Tj ET Q q 0 0 0 rg BT 482.72 710.55 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.30 701.55 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 483.70 701.55 Td (ease\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.00 710.55 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.70 701.55 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 701.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 701.55 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.00 701.55 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 688.36 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.40 688.50 Td (\(Dollars in millions, except for) Tj ET Q q 0 0 0 rg BT 471.47 688.50 Td ( per) Tj ET Q q 0 0 0 rg BT 486.55 688.50 Td ( vehicle data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 674.67 Td (As Reported:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 660.67 Td (Revenue:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 646.67 Td (Luxury) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 646.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 646.67 Td (1,251.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 646.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 646.67 Td (1,302.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 646.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 646.72 Td (\(51.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 646.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 646.67 Td (\(4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 646.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 632.67 Td (Import) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 632.67 Td (1,617.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 632.67 Td (1,667.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 632.72 Td (\(49.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 632.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 632.67 Td (\(3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 632.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 618.67 Td (Domestic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 618.67 Td (742.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 618.67 Td (682.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 618.67 Td (60.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 618.67 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 618.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 604.67 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 604.67 Td (otal new vehicle revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 604.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 604.67 Td (3,61) Tj ET Q q 0 0 0 rg BT 374.65 604.67 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 604.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 604.67 Td (3,652.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 604.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 604.72 Td (\(40.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 604.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 604.67 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 604.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 590.67 Td (Gross profit:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 576.67 Td (Luxury) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 576.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 576.67 Td (84.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 576.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 576.67 Td (87.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 576.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 576.72 Td (\(2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 576.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 576.67 Td (\(3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 576.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 562.67 Td (Import) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 562.67 Td (68.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 562.67 Td (77.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 562.72 Td (\(8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 562.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 562.67 Td (\(1) Tj ET Q q 0 0 0 rg BT 544.78 562.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 562.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 548.67 Td (Domestic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 548.67 Td (33.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 548.67 Td (38.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 548.72 Td (\(4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 548.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 548.67 Td (\(12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 548.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 534.67 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 534.67 Td (otal new vehicle gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 534.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 534.67 Td (187.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 534.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 534.67 Td (203.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 534.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 534.72 Td (\(15.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 534.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 534.67 Td (\(8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 534.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 520.67 Td (New vehicle units:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 506.67 Td (Luxury) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 506.67 Td (23,875) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 506.67 Td (25,441) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 506.72 Td (\(1,566) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 506.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 506.67 Td (\(6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 506.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 492.67 Td (Import) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 492.67 Td (58,466) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 492.67 Td (61,633) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 492.72 Td (\(3,167) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 492.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 492.67 Td (\(5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 492.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 478.67 Td (Domestic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 478.67 Td (20,019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 478.67 Td (18,907) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 478.67 Td (1,1) Tj ET Q q 0 0 0 rg BT 494.15 478.67 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 478.67 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 478.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 464.67 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 464.67 Td (otal new vehicle units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 464.67 Td (102,360) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.65 464.67 Td (105,981) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 464.72 Td (\(3,621) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 464.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 464.67 Td (\(3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 464.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 436.67 Td (Same Store:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 422.67 Td (Revenue:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 408.67 Td (Luxury) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 408.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 408.67 Td (1,226.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 408.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 408.67 Td (1,253.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 408.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 408.72 Td (\(27.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 408.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 408.67 Td (\(2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 408.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 394.67 Td (Import) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 394.67 Td (1,544.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 394.67 Td (1,514.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 394.67 Td (30.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 394.67 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 394.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 380.67 Td (Domestic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 380.67 Td (667.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 380.67 Td (639.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 380.67 Td (28.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 380.67 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 380.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 366.67 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 366.67 Td (otal new vehicle revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 366.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 366.67 Td (3,438.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 366.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 366.67 Td (3,407.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 366.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 366.67 Td (31.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 366.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 366.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 352.67 Td (Gross profit:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 338.67 Td (Luxury) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 338.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 338.67 Td (82.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 338.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 338.67 Td (83.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 338.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 338.72 Td (\(1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 338.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 338.67 Td (\(2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 338.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 324.67 Td (Import) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 324.67 Td (66.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 324.67 Td (71.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 324.72 Td (\(4.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 324.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 324.67 Td (\(7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 324.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 310.67 Td (Domestic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 310.67 Td (29.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.65 310.67 Td (36.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 310.72 Td (\(6.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 310.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 310.67 Td (\(17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 310.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 296.67 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 296.67 Td (otal new vehicle gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 296.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 296.67 Td (178.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 296.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 296.67 Td (190.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 296.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 296.72 Td (\(12.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 296.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 296.67 Td (\(6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 296.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 282.67 Td (New vehicle units:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 268.67 Td (Luxury) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 268.67 Td (23,424) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 268.67 Td (24,539) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 268.72 Td (\(1,1) Tj ET Q q 0 0 0 rg BT 494.13 268.72 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 268.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 268.67 Td (\(5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 268.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 254.67 Td (Import) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 254.67 Td (55,960) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 254.67 Td (56,224) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.80 254.72 Td (\(264) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 254.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 254.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 254.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 240.67 Td (Domestic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 240.67 Td (17,804) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 240.67 Td (17,669) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 240.67 Td (135) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 240.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 240.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 226.67 Td (T) Tj ET Q q 0 0 0 rg BT 105.91 226.67 Td (otal new vehicle units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 226.67 Td (97,188) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 226.67 Td (98,432) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 226.72 Td (\(1,244) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 226.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 226.67 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 226.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (45) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (New V) Tj ET Q q 0 0 0 rg BT 74.78 744.60 Td (ehicle Metrics? Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 695.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 695.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 695.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 695.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 695.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 695.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 695.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 695.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 667.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 667.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 667.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 667.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 667.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 667.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 667.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 667.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 639.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 639.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 639.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 639.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 639.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 639.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 639.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 639.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 611.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 611.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 611.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 611.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 611.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 611.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 611.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 611.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 583.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 583.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 583.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 583.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 583.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 583.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 583.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 583.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 555.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 555.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 555.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 555.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 555.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 555.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 555.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 555.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 527.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 527.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 527.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 527.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 527.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 527.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 527.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 527.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 499.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 499.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 499.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 499.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 499.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 499.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 499.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 499.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 471.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 471.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 471.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 471.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 471.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 471.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 471.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 471.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 443.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 443.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 443.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 443.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 443.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 443.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 443.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 443.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 415.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 415.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 415.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 415.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 415.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 415.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 415.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 415.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 387.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 387.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 387.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 387.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 387.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 387.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 387.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 387.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 359.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 359.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 359.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 359.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 359.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 359.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 359.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 359.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 331.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 331.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 331.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 331.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 331.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 331.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 331.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 331.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 303.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 303.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 303.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 303.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 303.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 303.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 303.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 303.10 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 712.1 m 391 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 712.1 m 395 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 712.1 m 453 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 712.1 m 391 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 695.1 m 391 695.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 712.1 m 395 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 712.1 m 453 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 695.1 m 453 695.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 695.1 m 507 695.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 695.1 m 561 695.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 668.1 m 391 668.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 666.1 m 391 666.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 668.1 m 453 668.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 666.1 m 453 666.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 654.1 m 391 654.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 652.1 m 391 652.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 654.1 m 453 654.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 652.1 m 453 652.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 640.1 m 391 640.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 638.1 m 391 638.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 640.1 m 453 640.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 638.1 m 453 638.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 596.1 m 391 596.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 598.1 m 391 598.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 584.1 m 391 584.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 582.1 m 391 582.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 596.1 m 453 596.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 598.1 m 453 598.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 584.1 m 453 584.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 582.1 m 453 582.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 554.1 m 391 554.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 556.1 m 391 556.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 542.1 m 391 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 540.1 m 391 540.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 554.1 m 453 554.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 556.1 m 453 556.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 542.1 m 453 542.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 540.1 m 453 540.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 512.1 m 391 512.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 514.1 m 391 514.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 500.1 m 391 500.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 498.1 m 391 498.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 512.1 m 453 512.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 514.1 m 453 514.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 500.1 m 453 500.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 498.1 m 453 498.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 458.1 m 391 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 456.1 m 391 456.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 458.1 m 453 458.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 456.1 m 453 456.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 444.1 m 391 444.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 442.1 m 391 442.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 444.1 m 453 444.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 442.1 m 453 442.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 430.1 m 391 430.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 428.1 m 391 428.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 430.1 m 453 430.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 428.1 m 453 428.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 388.1 m 391 388.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 386.1 m 391 386.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 388.1 m 453 388.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 386.1 m 453 386.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 386.1 m 391 386.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 388.1 m 391 388.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 374.1 m 391 374.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 372.1 m 391 372.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 386.1 m 453 386.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 388.1 m 453 388.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 374.1 m 453 374.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 372.1 m 453 372.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 346.1 m 391 346.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 344.1 m 391 344.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 346.1 m 453 346.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 344.1 m 453 344.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 344.1 m 391 344.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 346.1 m 391 346.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 332.1 m 391 332.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 330.1 m 391 330.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 344.1 m 453 344.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 346.1 m 453 346.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 332.1 m 453 332.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 330.1 m 453 330.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 304.1 m 391 304.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 302.1 m 391 302.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 304.1 m 453 304.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 302.1 m 453 302.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 302.1 m 391 302.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 304.1 m 391 304.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 290.1 m 391 290.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 288.1 m 391 288.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 302.1 m 453 302.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 304.1 m 453 304.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 290.1 m 453 290.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 288.1 m 453 288.1 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 716.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.45 725.50 Td (For) Tj ET Q q 0 0 0 rg BT 368.36 725.50 Td ( the ) Tj ET Q q 0 0 0 rg BT 384.61 725.50 Td (Y) Tj ET Q q 0 0 0 rg BT 390.44 725.50 Td (ear) Tj ET Q q 0 0 0 rg BT 402.35 725.50 Td ( Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.80 716.50 Td (December) Tj ET Q q 0 0 0 rg BT 404.69 716.50 Td ( 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.30 708.55 Td (Incr) Tj ET Q q 0 0 0 rg BT 481.72 708.55 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.30 699.55 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 482.70 699.55 Td (ease\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.00 708.55 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 520.70 699.55 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 699.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 699.55 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.50 699.55 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 685.67 Td (As Reported:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 671.67 Td (Revenue per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 671.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 671.67 Td (35,286) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 671.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.65 671.67 Td (34,464) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 671.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.75 671.67 Td (822) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.80 671.67 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 671.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 657.67 Td (Gross profit per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 657.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 657.67 Td (1,828) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 657.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 657.67 Td (1,915) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 657.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.45 657.67 Td (\(87) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 657.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.45 657.67 Td (\(5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.80 657.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 643.67 Td (New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 144.32 643.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 643.67 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 643.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 643.67 Td (5.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 643.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.95 643.67 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 643.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 615.67 Td (Luxury:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 601.67 Td (Gross profit per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 601.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 601.67 Td (3,535) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 601.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 601.67 Td (3,428) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 601.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.75 601.67 Td (107) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.80 601.67 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 601.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 587.67 Td (New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 162.32 587.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 587.67 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 587.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 587.67 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 587.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.75 587.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 587.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 573.67 Td (Import:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 559.67 Td (Gross profit per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 559.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 559.67 Td (1,178) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 559.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 559.67 Td (1,254) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 559.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.45 559.67 Td (\(76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 559.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.45 559.67 Td (\(6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.80 559.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 545.67 Td (New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 162.32 545.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 545.67 Td (4.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 545.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 545.67 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 545.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.95 545.67 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 545.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 531.67 Td (Domestic:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 517.67 Td (Gross profit per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 517.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 517.67 Td (1,688) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 517.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 517.67 Td (2,036) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 517.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.45 517.67 Td (\(348) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 517.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.45 517.67 Td (\(17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.80 517.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 503.67 Td (New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 162.32 503.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 503.67 Td (4.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 503.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 503.67 Td (5.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 503.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.95 503.67 Td (\(1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 503.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 475.67 Td (Same Store:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 461.67 Td (Revenue per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 461.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 461.67 Td (35,384) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 461.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.65 461.67 Td (34,619) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 461.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.75 461.67 Td (765) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.80 461.67 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 461.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 447.67 Td (Gross profit per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 447.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 447.67 Td (1,838) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 447.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 447.67 Td (1,939) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 447.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.45 447.67 Td (\(101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 447.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.45 447.67 Td (\(5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.80 447.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 433.67 Td (New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 144.32 433.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 433.67 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 433.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 433.67 Td (5.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 433.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.95 433.67 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 433.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 405.67 Td (Luxury:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 391.67 Td (Gross profit per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 391.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 391.67 Td (3,518) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 391.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 391.67 Td (3,41) Tj ET Q q 0 0 0 rg BT 439.15 391.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 391.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.75 391.67 Td (107) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.80 391.67 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 391.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 377.67 Td (New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 162.32 377.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 377.67 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 377.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 377.67 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 377.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.75 377.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 377.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 363.67 Td (Import:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 349.67 Td (Gross profit per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 349.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 349.67 Td (1,187) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 349.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 349.67 Td (1,266) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 349.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.45 349.67 Td (\(79) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 349.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.45 349.67 Td (\(6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.80 349.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 335.67 Td (New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 162.32 335.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 335.67 Td (4.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 335.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 335.67 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 335.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.95 335.67 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 335.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 321.67 Td (Domestic:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 307.67 Td (Gross profit per new vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 307.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 307.67 Td (1,674) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 307.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 307.67 Td (2,037) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.50 307.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.45 307.67 Td (\(363) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 307.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.45 307.67 Td (\(18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.80 307.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 293.67 Td (New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 162.23 293.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 293.67 Td (4.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 293.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 293.67 Td (5.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 293.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.95 293.67 Td (\(1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.80 293.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 268.60 Td (New vehicle revenue decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.31 268.60 Td ($40.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.21 268.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.04 268.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.37 268.60 Td (\), primarily as a result of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.66 268.60 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.99 268.60 Td ( decrease in new vehicle units sold, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 256.60 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.47 256.60 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.85 256.60 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.18 256.60 Td ( increase in revenue per new vehicle sold. Same store new vehicle revenue increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.91 256.60 Td ($31.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 256.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 244.60 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.83 244.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.16 244.60 Td (\) as a result of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.24 244.60 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.57 244.60 Td ( increase in revenue per new vehicle sold, partially of) Tj ET Q q 0 0 0 rg BT 359.19 244.60 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.57 244.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.90 244.60 Td ( decrease in new vehicle units sold.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 223.60 Td (U.S. new vehicle sales were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.68 223.60 Td (17.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.57 223.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.35 223.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.35 223.60 Td (, which was relatively stable compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.63 223.60 Td (17.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.52 223.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 223.60 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.30 223.60 Td (. Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.35 223.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.68 223.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 211.60 Td (decrease in same store unit volumes, was primarily the result of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.59 211.60 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.92 211.60 Td ( decrease in luxury units, partially of) Tj ET Q q 0 0 0 rg BT 473.64 211.60 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.01 211.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.34 211.60 Td ( increase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 199.60 Td (in domestic units. ) Tj ET Q q 0 0 0 rg BT 122.65 199.60 Td (W) Tj ET Q q 0 0 0 rg BT 131.29 199.60 Td (e attribute the decrease in luxury unit volumes to a consumer preference shift from cars to trucks, due in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 187.60 Td (part to lower gas prices, which tends to favor domestic brands.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 163.60 Td (Same store new vehicle gross profit in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.80 163.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.80 163.60 Td ( decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.71 163.60 Td ($12.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.60 163.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.43 163.60 Td (6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.76 163.60 Td (\), as a result of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.12 163.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.45 163.60 Td ( decrease in unit volumes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 151.60 Td (and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.38 151.60 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.71 151.60 Td ( decrease in gross profit per new vehicle sold. New vehicle gross mar) Tj ET Q q 0 0 0 rg BT 363.93 151.60 Td (gin in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.49 151.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.49 151.60 Td ( decreased by 40 basis points to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.63 151.60 Td (5.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.46 151.60 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 139.60 Td (primarily attributable to the decrease in luxury unit volumes, which have higher mar) Tj ET Q q 0 0 0 rg BT 386.72 139.60 Td (gins than import and domestic vehicles, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 127.60 Td (reduced manufacturer incentives and increased competition in the marketplace for import and domestic vehicles. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 115.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 82.60 Td ( ) Tj ET Q endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (46) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (Used V) Tj ET Q q 0 0 0 rg BT 77.55 744.60 Td (ehicle? Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.32 744.60 Td (? Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 683.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 683.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 683.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 683.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 683.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 683.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 683.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 683.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 655.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 655.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 655.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 655.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 655.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 655.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 655.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 655.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 627.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 627.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 627.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 627.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 627.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 627.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 627.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 627.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 599.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 599.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 599.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 599.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 599.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 599.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 599.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 599.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 571.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 571.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 571.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 571.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 571.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 571.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 571.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 571.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 543.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 543.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 543.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 543.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 543.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 543.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 543.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 543.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 515.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 515.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 515.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 515.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 515.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 515.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 515.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 515.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 487.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 487.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 487.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 487.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 487.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 487.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 487.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 487.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 459.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 459.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 459.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 459.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 459.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 459.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 459.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 459.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 431.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 431.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 431.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 431.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 431.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 431.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 431.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 431.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 403.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 403.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 403.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 403.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 403.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 403.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 403.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 403.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 375.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 375.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 375.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 375.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 375.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 375.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 375.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 375.10 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 712.1 m 391 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 712.1 m 395 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 712.1 m 454 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 712.1 m 391 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 696.1 m 391 696.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 712.1 m 395 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 712.1 m 454 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 696.1 m 454 696.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 696.1 m 508 696.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 696.1 m 562 696.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 627.1 m 391 627.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 627.1 m 454 627.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 627.1 m 391 627.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 614.1 m 391 614.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 612.1 m 391 612.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 627.1 m 454 627.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 614.1 m 454 614.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 612.1 m 454 612.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 571.1 m 391 571.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 571.1 m 454 571.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 571.1 m 391 571.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 558.1 m 391 558.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 556.1 m 391 556.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 571.1 m 454 571.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 558.1 m 454 558.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 556.1 m 454 556.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 543.1 m 391 543.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 530.1 m 391 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 528.1 m 391 528.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 543.1 m 454 543.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 530.1 m 454 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 528.1 m 454 528.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 459.1 m 391 459.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 459.1 m 454 459.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 459.1 m 391 459.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 446.1 m 391 446.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 444.1 m 391 444.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 459.1 m 454 459.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 446.1 m 454 446.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 444.1 m 454 444.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 403.1 m 391 403.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 403.1 m 454 403.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 403.1 m 391 403.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 390.1 m 391 390.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 388.1 m 391 388.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 403.1 m 454 403.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 390.1 m 454 390.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 388.1 m 454 388.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 375.1 m 391 375.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 362.1 m 391 362.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 360.1 m 391 360.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 375.1 m 454 375.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 362.1 m 454 362.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 360.1 m 454 360.1 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 716.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.45 725.50 Td (For) Tj ET Q q 0 0 0 rg BT 369.36 725.50 Td ( the ) Tj ET Q q 0 0 0 rg BT 385.61 725.50 Td (Y) Tj ET Q q 0 0 0 rg BT 391.44 725.50 Td (ear) Tj ET Q q 0 0 0 rg BT 403.35 725.50 Td ( Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.80 716.50 Td (December) Tj ET Q q 0 0 0 rg BT 405.69 716.50 Td ( 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.30 709.55 Td (Incr) Tj ET Q q 0 0 0 rg BT 482.72 709.55 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.30 700.55 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 483.70 700.55 Td (ease\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.00 709.55 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.70 700.55 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 700.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.50 700.55 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.00 700.55 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 687.36 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.90 687.50 Td (\(Dollars in millions, except for) Tj ET Q q 0 0 0 rg BT 471.97 687.50 Td ( per) Tj ET Q q 0 0 0 rg BT 487.05 687.50 Td ( vehicle data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 673.67 Td (As Reported:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 659.67 Td (Revenue:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 645.67 Td (Used vehicle retail revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 645.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 645.67 Td (1,675.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 645.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 645.67 Td (1,717.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 645.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 645.72 Td (\(42.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 645.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 645.67 Td (\(2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 645.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 631.67 Td (Used vehicle wholesale revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 631.67 Td (201.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 631.67 Td (214.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 631.72 Td (\(12.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 631.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 631.67 Td (\(6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 631.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 617.67 Td (Used vehicle revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 617.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 617.67 Td (1,876.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 617.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 617.67 Td (1,931.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 617.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 617.72 Td (\(55.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 617.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 617.67 Td (\(3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 617.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 603.67 Td (Gross profit:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 589.67 Td (Used vehicle retail gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 589.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 589.67 Td (131.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 589.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 589.67 Td (136.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 589.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 589.72 Td (\(5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 589.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 589.67 Td (\(4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 589.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 575.67 Td (Used vehicle wholesale gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 575.72 Td (\(3.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 575.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.30 575.72 Td (\(4.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 575.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 575.67 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.45 575.67 Td (\(14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 575.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 561.67 Td (Used vehicle gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 561.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 561.67 Td (127.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 561.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 561.67 Td (131.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 561.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 561.72 Td (\(4.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 561.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 561.67 Td (\(3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 561.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 547.67 Td (Used vehicle retail units:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 533.67 Td (Used vehicle retail units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 533.67 Td (79,259) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 533.67 Td (82,589) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 533.72 Td (\(3,330) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 533.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 533.67 Td (\(4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 533.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 505.67 Td (Same Store:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 491.67 Td (Revenue:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 477.67 Td (Used vehicle retail revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 477.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 477.67 Td (1,578.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 477.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 477.67 Td (1,561.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 477.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 477.67 Td (16.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 477.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 477.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 463.67 Td (Used vehicle wholesale revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 463.67 Td (191.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 463.67 Td (198.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 463.72 Td (\(6.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 463.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 463.67 Td (\(3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 463.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 449.67 Td (Used vehicle revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 449.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 449.67 Td (1,769.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 449.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 449.67 Td (1,759.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 449.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 449.67 Td (10.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 449.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 449.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 435.67 Td (Gross profit:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 421.67 Td (Used vehicle retail gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 421.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 421.67 Td (123.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 421.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 421.67 Td (125.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 421.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 421.72 Td (\(1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 421.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 421.67 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 421.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 407.67 Td (Used vehicle wholesale gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 407.72 Td (\(3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 407.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.30 407.72 Td (\(3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 407.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 407.72 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 407.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 407.67 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 407.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 393.67 Td (Used vehicle gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 393.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 393.67 Td (120.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 393.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 393.67 Td (122) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 393.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.30 393.72 Td (\(1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 393.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 393.67 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 393.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 379.67 Td (Used vehicle retail units:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 365.67 Td (Used vehicle retail units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 365.67 Td (74,027) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 365.67 Td (74,312) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.80 365.72 Td (\(285) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 365.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 365.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 365.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 337.60 Td (Used V) Tj ET Q q 0 0 0 rg BT 77.55 337.60 Td (ehicle Metrics? Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 289.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 289.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 289.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 289.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 289.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 289.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 289.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 289.10 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 261.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 261.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 261.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 261.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 261.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 261.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 261.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 261.10 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 233.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 233.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 233.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 233.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 233.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 233.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 233.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 233.10 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 205.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 205.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 205.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 205.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 205.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 205.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 205.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 205.10 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 177.10 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 177.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 177.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 177.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 177.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 177.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 177.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 177.10 52.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 305.1 m 390 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 305.1 m 394 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 305.1 m 452 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 305.1 m 390 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 289.1 m 390 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 305.1 m 394 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 305.1 m 452 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 289.1 m 452 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 289.1 m 506 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 289.1 m 562 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 289.1 m 390 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 289.1 m 452 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 262.1 m 390 262.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 260.1 m 390 260.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 262.1 m 452 262.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 260.1 m 452 260.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 248.10000000000002 m 390 248.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 246.10000000000002 m 390 246.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 248.10000000000002 m 452 248.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 246.10000000000002 m 452 246.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 234.10000000000002 m 390 234.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 232.10000000000002 m 390 232.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 234.10000000000002 m 452 234.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 232.10000000000002 m 452 232.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 192.10000000000002 m 390 192.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 190.10000000000002 m 390 190.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 192.10000000000002 m 452 192.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 190.10000000000002 m 452 190.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 178.10000000000002 m 390 178.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 176.10000000000002 m 390 176.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 178.10000000000002 m 452 178.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 176.10000000000002 m 452 176.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 164.10000000000002 m 390 164.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 162.10000000000002 m 390 162.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 164.10000000000002 m 452 164.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 162.10000000000002 m 452 162.10000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 309.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.95 318.50 Td (For) Tj ET Q q 0 0 0 rg BT 367.86 318.50 Td ( the ) Tj ET Q q 0 0 0 rg BT 384.11 318.50 Td (Y) Tj ET Q q 0 0 0 rg BT 389.94 318.50 Td (ear) Tj ET Q q 0 0 0 rg BT 401.85 318.50 Td ( Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.30 309.50 Td (December) Tj ET Q q 0 0 0 rg BT 404.19 309.50 Td ( 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.30 302.55 Td (Incr) Tj ET Q q 0 0 0 rg BT 480.72 302.55 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.30 293.55 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 481.70 293.55 Td (ease\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.00 302.55 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 520.70 293.55 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 293.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 293.55 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.50 293.55 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 279.67 Td (As Reported:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 265.67 Td (Revenue per used vehicle retailed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 265.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 265.67 Td (21,133) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 265.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 265.67 Td (20,796) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 265.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.75 265.67 Td (337) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 265.67 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 265.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 251.67 Td (Gross profit per used vehicle retailed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 251.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 251.67 Td (1,653) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 251.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 251.67 Td (1,648) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 251.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.80 251.67 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.75 251.67 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 251.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 237.67 Td (Used vehicle retail gross mar) Tj ET Q q 0 0 0 rg BT 169.04 237.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.65 237.67 Td (7.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 237.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 237.67 Td (7.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 237.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.95 237.67 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.80 237.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 209.67 Td (Same Store:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 195.67 Td (Revenue per used vehicle retailed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 195.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 195.67 Td (21,317) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 195.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 195.67 Td (21,010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 195.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.75 195.67 Td (307) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.80 195.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.15 195.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 181.67 Td (Gross profit per used vehicle retailed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 181.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 181.67 Td (1,670) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 181.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 181.67 Td (1,683) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 181.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.45 181.67 Td (\(13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.80 181.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 181.67 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.80 181.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 167.67 Td (Used vehicle retail gross mar) Tj ET Q q 0 0 0 rg BT 168.95 167.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.65 167.67 Td (7.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 167.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 167.67 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 167.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.95 167.67 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.80 167.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 142.60 Td (Used vehicle revenue decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.98 142.60 Td ($55.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.88 142.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.71 142.60 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.04 142.60 Td (\), as a result of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.62 142.60 Td (4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.95 142.60 Td ( decrease in used vehicle retail units sold, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 130.60 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.47 130.60 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.85 130.60 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.18 130.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.68 130.60 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.43 130.60 Td ( in revenue per used vehicle retailed. Same store used vehicle revenue increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.56 130.60 Td ($10.4 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 118.60 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 118.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.22 118.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.55 118.60 Td (\), due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.04 118.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.37 118.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.87 118.60 Td (increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.62 118.60 Td ( in revenue per used vehicle retailed. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 97.60 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.83 97.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.83 97.60 Td (, same store used vehicle retail gross profit decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.80 97.60 Td ($1.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.70 97.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.53 97.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.86 97.60 Td (\), resulting in a slight decrease in gross ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 85.60 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 85.60 Td (gin from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.08 85.60 Td (8.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.91 85.60 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.69 85.60 Td (7.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.52 85.60 Td ( in 2016. ) Tj ET Q q 0 0 0 rg BT 194.12 85.60 Td (W) Tj ET Q q 0 0 0 rg BT 202.76 85.60 Td (e primarily attribute the 20 basis point decrease in same store used vehicle retail gross ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 73.60 Td (profit mar) Tj ET Q q 0 0 0 rg BT 89.58 73.60 Td (gin, to increased competition and price transparency within the used vehicle marketplace. In addition, our ef) Tj ET Q q 0 0 0 rg BT 522.02 73.60 Td (fort to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 61.60 Td (retail more used vehicles, specifically in the fourth quarter of 2016, resulted in lower mar) Tj ET Q q 0 0 0 rg BT 406.42 61.60 Td (gins on used vehicles, but delivered on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 49.60 Td (our strategic focus to grow our reconditioning and preparation and finance and insurance businesses.) Tj ET Q endstream endobj 95 0 obj <>] /Rotate 0 /Contents 96 0 R>> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (47) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (Parts and Service? Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 682.10 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 682.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 682.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 682.10 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 682.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 682.10 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 682.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 682.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 652.10 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 652.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 652.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 652.10 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 652.10 4.00 -15.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 421.00 592.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 592.10 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 592.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 592.10 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 592.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 592.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 562.10 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 562.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 562.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 562.10 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 562.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 562.10 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 562.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 562.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 532.10 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 532.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 532.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 532.10 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 532.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 532.10 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 532.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 532.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 502.10 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 502.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 502.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 502.10 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 502.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 502.10 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 502.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 502.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 472.10 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 472.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 472.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 472.10 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 472.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 472.10 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 472.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 472.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 442.10 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 442.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 442.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 442.10 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 442.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 442.10 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 442.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 442.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 412.10 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 412.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 412.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 412.10 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 412.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 412.10 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 412.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 412.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 382.10 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 382.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 382.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 382.10 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 382.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 382.10 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 382.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 382.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 352.10 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 352.10 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 352.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 352.10 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 352.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 352.10 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 352.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 352.10 42.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 711.1 m 421 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 711.1 m 425 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 711.1 m 466 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 711.1 m 421 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 696.1 m 421 696.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 711.1 m 425 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 711.1 m 466 711.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 696.1 m 466 696.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 696.1 m 517 696.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521 696.1 m 563 696.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 592.1 m 421 592.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 592.1 m 466 592.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 592.1 m 421 592.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 592.1 m 466 592.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 576.1 m 421 576.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 578.1 m 421 578.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 563.1 m 421 563.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 561.1 m 421 561.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 576.1 m 466 576.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 578.1 m 466 578.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 563.1 m 466 563.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 561.1 m 466 561.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 547.1 m 421 547.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 533.1 m 421 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 531.1 m 421 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 547.1 m 466 547.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 533.1 m 466 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 531.1 m 466 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 531.1 m 421 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 533.1 m 421 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 518.1 m 421 518.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 516.1 m 421 516.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 531.1 m 466 531.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 533.1 m 466 533.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 518.1 m 466 518.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 516.1 m 466 516.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 412.1 m 421 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 412.1 m 466 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 412.1 m 421 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 412.1 m 466 412.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 396.1 m 421 396.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 398.1 m 421 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 383.1 m 421 383.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 381.1 m 421 381.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 396.1 m 466 396.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 398.1 m 466 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 383.1 m 466 383.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 381.1 m 466 381.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 367.1 m 421 367.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 353.1 m 421 353.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 351.1 m 421 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 367.1 m 466 367.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 353.1 m 466 353.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 351.1 m 466 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 351.1 m 421 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 353.1 m 421 353.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 338.1 m 421 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 336.1 m 421 336.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 351.1 m 466 351.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 353.1 m 466 353.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 338.1 m 466 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 336.1 m 466 336.1 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 715.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.45 724.55 Td (For) Tj ET Q q 0 0 0 rg BT 398.36 724.55 Td ( the ) Tj ET Q q 0 0 0 rg BT 414.61 724.55 Td (Y) Tj ET Q q 0 0 0 rg BT 420.44 724.55 Td (ear) Tj ET Q q 0 0 0 rg BT 432.35 724.55 Td ( Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.80 715.55 Td (December) Tj ET Q q 0 0 0 rg BT 434.69 715.55 Td ( 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.80 709.55 Td (Incr) Tj ET Q q 0 0 0 rg BT 493.22 709.55 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.80 700.55 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 494.20 700.55 Td (ease\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.00 709.55 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.70 700.55 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 700.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.50 700.55 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 700.55 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 686.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.20 686.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 672.67 Td (As Reported:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 656.77 Td (Parts and service revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.50 656.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 656.77 Td (778.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 656.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 656.77 Td (740.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 656.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.30 656.77 Td (37.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 656.77 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 656.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 641.77 Td (Parts and service gross profit:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 626.77 Td (Customer pay) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.50 626.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 626.77 Td (268.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 626.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 626.77 Td (250.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 626.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.30 626.77 Td (17.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 626.77 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 626.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 611.77 Td (W) Tj ET Q q 0 0 0 rg BT 85.54 611.77 Td (arranty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.60 611.77 Td (73.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 611.77 Td (71.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.30 611.77 Td (2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 611.77 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 611.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 596.77 Td (Wholesale parts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.60 596.77 Td (20.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 596.77 Td (21.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.95 596.77 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.80 596.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.45 596.77 Td (\(2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 596.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 581.77 Td (Parts and service gross profit, excluding reconditioning and preparation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.50 581.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 581.77 Td (362.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 581.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 581.77 Td (343.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 581.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.30 581.77 Td (19.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 581.77 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 581.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 567.67 Td (Parts and service gross mar) Tj ET Q q 0 0 0 rg BT 185.82 567.67 Td (gin, excluding reconditioning and preparation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.60 566.77 Td (46.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 566.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 566.77 Td (46.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 566.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.30 566.77 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 566.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 551.77 Td (Reconditioning and preparation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 551.77 Td (120.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 551.77 Td (1) Tj ET Q q 0 0 0 rg BT 439.60 551.77 Td (19.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.30 551.77 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 551.77 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 551.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 536.77 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 536.77 Td (otal parts and service gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.50 536.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 536.77 Td (483.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 536.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 536.77 Td (462.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 536.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.30 536.77 Td (20.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 536.77 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 536.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 522.67 Td (T) Tj ET Q q 0 0 0 rg BT 82.26 522.67 Td (otal parts and service gross mar) Tj ET Q q 0 0 0 rg BT 208.17 522.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.60 521.77 Td (62.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 521.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 521.77 Td (62.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 521.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.95 521.77 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.80 521.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 492.67 Td (Same Store:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 476.77 Td (Parts and service revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.50 476.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 476.77 Td (736.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 476.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 476.77 Td (683.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 476.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.30 476.77 Td (52.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 476.77 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 476.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 461.77 Td (Parts and service gross profit:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 446.77 Td (Customer pay) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.50 446.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 446.77 Td (255.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 446.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 446.77 Td (234.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 446.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.30 446.77 Td (20.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 446.77 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 446.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 431.77 Td (W) Tj ET Q q 0 0 0 rg BT 85.54 431.77 Td (arranty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.60 431.77 Td (70.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 431.77 Td (65.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.30 431.77 Td (4.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 431.77 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 431.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 416.77 Td (Wholesale parts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.60 416.77 Td (19.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 416.77 Td (18.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.30 416.77 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 416.77 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 416.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 401.77 Td (Parts and service gross profit, excluding reconditioning and preparation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.50 401.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 401.77 Td (344.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 401.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 401.77 Td (318.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 401.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.30 401.77 Td (25.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 401.77 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 401.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 387.67 Td (Parts and service gross mar) Tj ET Q q 0 0 0 rg BT 185.82 387.67 Td (gin, excluding reconditioning and preparation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.60 386.77 Td (46.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 386.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 386.77 Td (46.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 386.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.30 386.77 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 386.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 371.77 Td (Reconditioning and preparation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 371.77 Td (1) Tj ET Q q 0 0 0 rg BT 394.60 371.77 Td (14.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 371.77 Td (109.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.30 371.77 Td (4.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 371.77 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 371.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 356.77 Td (T) Tj ET Q q 0 0 0 rg BT 105.91 356.77 Td (otal parts and service gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.50 356.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 356.77 Td (458.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 356.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 356.77 Td (428.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 356.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.30 356.77 Td (30.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 356.77 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 356.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 342.67 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 342.67 Td (otal parts and service gross mar) Tj ET Q q 0 0 0 rg BT 208.08 342.67 Td (gin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.60 341.77 Td (62.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 341.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 341.77 Td (62.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 341.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.95 341.77 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.80 341.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 316.60 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.05 316.60 Td ($37.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.94 316.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.77 316.60 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.10 316.60 Td (\) increase in parts and service revenue was primarily the result of a $29.8 million \(6%\) increase in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 304.60 Td (customer pay revenue and a $9.6 million \(7%\) increase in warranty revenue. Same store parts and service revenue increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 292.60 Td ($52.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.39 292.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.22 292.60 Td (8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.55 292.60 Td (\) from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.32 292.60 Td ($683.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.21 292.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.99 292.60 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.99 292.60 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.77 292.60 Td ($736.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.66 292.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.44 292.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.44 292.60 Td (. ) Tj ET Q q 0 0 0 rg BT 351.26 292.60 Td (The increase in same store parts and service revenue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 280.60 Td (was primarily due to a $37.3 million \(8%\) increases in customer pay revenue and a $13.3 million \(1) Tj ET Q q 0 0 0 rg BT 455.69 280.60 Td (1%\) increase in warranty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 268.60 Td (revenue. On a same store basis our parts and service gross mar) Tj ET Q q 0 0 0 rg BT 302.29 268.60 Td (gin decreased by 40 basis points, primarily due to a shift in parts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 256.60 Td (and service revenue towards customer pay and warranty) Tj ET Q q 0 0 0 rg BT 273.48 256.60 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 235.60 Td (Parts and service gross profit, excluding reconditioning and preparation, increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.06 235.60 Td ($19.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.95 235.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.78 235.60 Td (6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.11 235.60 Td (\) to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.22 235.60 Td ($362.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.11 235.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 223.60 Td (and same store gross profit, excluding reconditioning and preparation, increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.23 223.60 Td ($25.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.12 223.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.95 223.60 Td (8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.28 223.60 Td (\) to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.39 223.60 Td ($344.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.28 223.60 Td (. ) Tj ET Q q 0 0 0 rg BT 538.10 223.60 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 211.60 Td (increase in same store gross profit is primarily due to an increase in customer pay gross profit, which has continued to benefit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 199.60 Td (from our strategic focus to improve customer retention and the recent trend of increasing new vehicle sales over the past few ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 187.60 Td (years. ) Tj ET Q endstream endobj 97 0 obj <>] /Rotate 0 /Contents 98 0 R>> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (48) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (Finance and Insurance, net? Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 168.36 744.60 Td (? Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 684.10 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 684.10 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 684.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 684.10 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 684.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 684.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 684.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 684.10 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 656.10 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 656.10 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 656.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 656.10 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 656.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 656.10 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 656.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 656.10 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 626.10 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 626.10 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 626.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 626.10 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 626.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 626.10 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 626.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 626.10 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 596.10 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 596.10 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 596.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 596.10 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 596.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 596.10 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 596.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 596.10 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 712.1 m 391.5 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 712.1 m 395.5 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 712.1 m 453.5 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 712.1 m 391.5 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 697.1 m 391.5 697.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 712.1 m 395.5 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 712.1 m 453.5 712.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 697.1 m 453.5 697.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 697.1 m 507.5 697.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 697.1 m 561.5 697.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 655.1 m 391.5 655.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 657.1 m 391.5 657.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 642.1 m 391.5 642.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 640.1 m 391.5 640.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 655.1 m 453.5 655.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 657.1 m 453.5 657.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 642.1 m 453.5 642.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 640.1 m 453.5 640.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 595.1 m 391.5 595.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 597.1 m 391.5 597.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 582.1 m 391.5 582.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 580.1 m 391.5 580.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 595.1 m 453.5 595.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 597.1 m 453.5 597.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 582.1 m 453.5 582.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 580.1 m 453.5 580.1 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 716.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.95 725.50 Td (For) Tj ET Q q 0 0 0 rg BT 368.86 725.50 Td ( the ) Tj ET Q q 0 0 0 rg BT 385.11 725.50 Td (Y) Tj ET Q q 0 0 0 rg BT 390.94 725.50 Td (ear) Tj ET Q q 0 0 0 rg BT 402.85 725.50 Td ( Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.30 716.50 Td (December) Tj ET Q q 0 0 0 rg BT 405.19 716.50 Td ( 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.80 710.55 Td (Incr) Tj ET Q q 0 0 0 rg BT 482.22 710.55 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.80 701.55 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 483.20 701.55 Td (ease\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.50 710.55 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.20 701.55 Td (Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 701.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.50 701.55 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.00 701.55 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 688.36 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.40 688.50 Td (\(Dollars in millions, except for) Tj ET Q q 0 0 0 rg BT 471.47 688.50 Td ( per) Tj ET Q q 0 0 0 rg BT 486.55 688.50 Td ( vehicle data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 674.67 Td (As Reported:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 660.67 Td (Finance and insurance, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 660.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 660.67 Td (261.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 660.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 660.67 Td (263.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.00 660.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.80 660.72 Td (\(2.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 660.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.95 660.67 Td (\(1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.30 660.67 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 646.67 Td (Finance and insurance, net per vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 645.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 645.77 Td (1,437) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 645.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 645.77 Td (1,397) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.00 645.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 645.77 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.30 645.77 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 645.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 615.77 Td (Same Store:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 600.77 Td (Finance and insurance, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 600.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 600.77 Td (247.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 600.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 600.77 Td (243.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.00 600.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 600.77 Td (4.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.30 600.77 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 600.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 585.77 Td (Finance and insurance, net per vehicle sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 585.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 585.77 Td (1,446) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 585.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 585.77 Td (1,408) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.00 585.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 585.77 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.30 585.77 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 585.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 560.60 Td (F&I revenue decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.23 560.60 Td ($2.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.12 560.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.95 560.60 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.28 560.60 Td (\) during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.72 560.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.72 560.60 Td ( when compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.58 560.60 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.58 560.60 Td ( primarily as a result of a % decrease in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 548.60 Td (new and used retail unit sales partially of) Tj ET Q q 0 0 0 rg BT 213.44 548.60 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.81 548.60 Td ($40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.81 548.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.64 548.60 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.97 548.60 Td (\) increase in F&I per vehicle retailed. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 527.60 Td (On a same store basis F&I revenue increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.71 527.60 Td ($4.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.61 527.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.44 527.60 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.77 527.60 Td (\), in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.38 527.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.38 527.60 Td ( when compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.24 527.60 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.24 527.60 Td ( primarily as a result of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 515.60 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.44 515.60 Td ($38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.44 515.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.27 515.60 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.60 515.60 Td (\) increase in F&I per vehicle retailed partially of) Tj ET Q q 0 0 0 rg BT 284.22 515.60 Td (fset by a 1% decrease in new and used retail unit sales.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 494.60 Td (At the beginning of the fourth quarter of 2016, we began operating under an amended agreement with our primary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 482.60 Td (insurance products underwriter) Tj ET Q q 0 0 0 rg BT 173.35 482.60 Td (. Under the terms of our amended agreement, we receive additional up-front commissions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 470.60 Td (pay reduced administrative expenses than we otherwise would have under the original agreement.) 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j 3 M 247 329.1 m 295 329.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 329.1 m 401 329.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 329.1 m 295 329.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 315.1 m 295 315.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 313.1 m 295 313.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 329.1 m 401 329.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 315.1 m 401 315.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 313.1 m 401 313.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 313.1 m 295 313.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 315.1 m 295 315.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 300.1 m 295 300.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 298.1 m 295 298.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 313.1 m 401 313.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 315.1 m 401 315.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 300.1 m 401 300.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 298.1 m 401 298.1 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 715.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.65 715.55 Td (For) Tj ET Q q 0 0 0 rg BT 299.56 715.55 Td ( the ) Tj ET Q q 0 0 0 rg BT 315.81 715.55 Td (Y) Tj ET Q q 0 0 0 rg BT 321.64 715.55 Td (ear) Tj ET Q q 0 0 0 rg BT 333.55 715.55 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 401.88 715.55 Td ( 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.30 701.55 Td (Incr) Tj ET Q q 0 0 0 rg BT 483.72 701.55 Td (ease) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.30 692.55 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 484.70 692.55 Td (ease\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.80 719.55 Td (% of Gr) Tj ET Q q 0 0 0 rg BT 547.63 719.55 Td (oss) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.30 710.55 Td (Pr) Tj ET Q q 0 0 0 rg BT 535.63 710.55 Td (ofit ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.30 701.55 Td (\(Decr) Tj ET Q q 0 0 0 rg BT 538.62 701.55 Td (ease\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.30 692.55 Td (Incr) Tj ET Q q 0 0 0 rg BT 537.63 692.55 Td (ease) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 692.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.50 692.55 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 301.80 701.55 Td (% of Gr) Tj ET Q q 0 0 0 rg BT 333.63 701.55 Td (oss) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.30 692.55 Td (Pr) Tj ET Q q 0 0 0 rg BT 321.63 692.55 Td (ofit) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.50 692.55 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.80 701.55 Td (% of Gr) Tj ET Q q 0 0 0 rg BT 439.63 701.55 Td (oss) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.30 692.55 Td (Pr) Tj ET Q q 0 0 0 rg BT 427.63 692.55 Td (ofit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 678.56 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.20 678.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 664.67 Td (As Reported:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 649.67 Td (Personnel costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.50 648.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.65 648.77 Td (343.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 648.77 Td (32.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 648.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.50 648.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 648.77 Td (334.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 648.77 Td (31.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 648.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.50 648.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 648.77 Td (8.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 648.77 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 648.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 634.67 Td (Sales compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.65 633.77 Td (1) Tj ET Q q 0 0 0 rg BT 273.65 633.77 Td (12.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 633.77 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 633.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 633.77 Td (1) Tj ET Q q 0 0 0 rg BT 379.65 633.77 Td (15.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 633.77 Td (10.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 633.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 633.82 Td (\(3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 633.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 633.77 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 633.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 619.67 Td (Share-based compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 618.77 Td (12.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 618.77 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 618.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 618.77 Td (10.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 618.77 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 618.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 618.77 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 618.77 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 618.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 604.67 Td (Outside services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 603.77 Td (78.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 603.77 Td (7.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 603.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 603.77 Td (77.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 603.77 Td (7.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 603.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 603.77 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 603.77 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 603.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 589.67 Td (Advertising) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 588.77 Td (34.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 588.77 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 588.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 588.77 Td (40.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 588.77 Td (3.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 588.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 588.82 Td (\(6.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 588.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 588.77 Td (\(0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 588.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 574.67 Td (Rent) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 573.77 Td (29.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 573.77 Td (2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 573.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 573.77 Td (31.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 573.77 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 573.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 573.82 Td (\(1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 573.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 573.77 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 573.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 559.67 Td (Utilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 558.77 Td (15.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 558.77 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 558.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 558.77 Td (16.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 558.77 Td (1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 558.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 558.82 Td (\(1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 558.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 558.77 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 558.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 544.67 Td (Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 543.77 Td (15.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 543.77 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 543.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 543.77 Td (1) Tj ET Q q 0 0 0 rg BT 384.65 543.77 Td (1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 543.77 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 543.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 543.77 Td (4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 543.77 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 543.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 529.67 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 528.77 Td (91.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 528.77 Td (8.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 528.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 528.77 Td (92.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 528.77 Td (8.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 528.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 528.82 Td (\(0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 528.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.75 528.77 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 528.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 514.67 Td (Selling, general, and administrative expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.50 513.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.65 513.77 Td (732.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 513.77 Td (69.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 513.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.50 513.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 513.77 Td (729.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 513.77 Td (68.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 513.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.50 513.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 513.77 Td (2.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 513.77 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 513.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 498.77 Td (Gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.50 498.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.10 498.77 Td (1,058.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.50 498.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.10 498.77 Td (1,060.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 469.67 Td (Same Store:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 454.67 Td (Personnel costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.50 453.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.65 453.77 Td (324.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 453.77 Td (32.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 453.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.50 453.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 453.77 Td (309.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 453.77 Td (31.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 453.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.50 453.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.65 453.77 Td (15.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 453.77 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 453.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 439.67 Td (Sales compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.65 438.77 Td (105.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 438.77 Td (10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 438.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 438.77 Td (106.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 438.77 Td (10.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 438.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 438.82 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 438.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 438.77 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 438.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 424.67 Td (Share-based compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 423.77 Td (12.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 423.77 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 423.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 423.77 Td (10.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 423.77 Td (1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 423.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 423.77 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 423.77 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 423.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 409.67 Td (Outside services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 408.77 Td (73.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 408.77 Td (7.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 408.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 408.77 Td (71.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 408.77 Td (7.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 408.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 408.77 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 408.77 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 408.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 394.67 Td (Advertising) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 393.77 Td (30.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 393.77 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 393.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 393.77 Td (34.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 393.77 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 393.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 393.82 Td (\(3.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 393.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 393.77 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 393.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 379.67 Td (Rent) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 378.77 Td (29.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 378.77 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 378.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 378.77 Td (31.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 378.77 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 378.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 378.82 Td (\(1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 378.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 378.77 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 378.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 364.67 Td (Utilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 363.77 Td (14.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 363.77 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 363.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 363.77 Td (15.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 363.77 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 363.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 363.82 Td (\(0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.15 363.77 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.95 363.77 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 363.77 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 349.67 Td (Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 348.77 Td (14.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 348.77 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 348.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 348.77 Td (10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 348.77 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 348.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 348.77 Td (4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 348.77 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 348.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 334.67 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 333.77 Td (87.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 333.77 Td (8.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 333.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 333.77 Td (85.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 333.77 Td (8.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 333.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 333.77 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 333.77 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 333.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 318.77 Td (Selling, general, and administrative expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.50 318.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.65 318.77 Td (693.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 318.77 Td (69.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 318.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.50 318.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 318.77 Td (672.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 318.77 Td (68.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 318.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.50 318.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.65 318.77 Td (20.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.25 318.77 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 318.77 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 303.77 Td (Gross profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.50 303.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.10 303.77 Td (1,005.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.50 303.77 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 303.77 Td (984.5) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.60 Td (SG&A) Tj ET Q q 0 0 0 rg BT 90.23 278.60 Td ( expense as a percentage of gross profit was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.22 278.60 Td (69.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 278.60 Td ( for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.71 278.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.71 278.60 Td ( compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.41 278.60 Td (68.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.24 278.60 Td ( for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.90 278.60 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.90 278.60 Td (. Same store SG&A) Tj ET Q q 0 0 0 rg BT 526.79 278.60 Td ( expense ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 266.60 Td (as a percentage of gross profit increased by 70 basis points, from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.37 266.60 Td (68.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.20 266.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.98 266.60 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.98 266.60 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.76 266.60 Td (69.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.59 266.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.37 266.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.37 266.60 Td (, ) Tj ET Q q 0 0 0 rg BT 448.68 266.60 Td (The increase, was due ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 254.60 Td (primarily to increased personnel costs, which was a result of higher employee benefit costs, and higher insurance expense, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 242.60 Td (which includes expenses associated with hail storm damage incurred at certain of our dealerships during 2016. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 221.60 Td (Depr) Tj ET Q q 0 0 0 rg BT 69.68 221.60 Td (eciation and ) Tj ET Q q 0 0 0 rg BT 121.71 221.60 Td (Amortization Expense ? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 200.60 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.05 200.60 Td ($1.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.94 200.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.77 200.60 Td (4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.10 200.60 Td (\) increase in depreciation and amortization expense during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.67 200.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.67 200.60 Td ( compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.37 200.60 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.37 200.60 Td (, was primarily the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 188.60 Td (result of increased capital expenditures and the completion of construction projects, resulting in newly depreciable assets placed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 176.60 Td (into service during the year) Tj ET Q q 0 0 0 rg BT 158.35 176.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 155.60 Td (Other Operating Income, net ? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 134.60 Td (Other operating income, net includes gains and losses from the sale of property and equipment, income derived from lease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 122.60 Td (arrangements, and other non-core operating items. ) Tj ET Q q 0 0 0 rg BT 253.13 122.60 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.18 122.60 Td ($2.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.07 122.60 Td ( in other operating income, net for 2016, was primarily due ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 110.60 Td (to $6.6 million in gains resulting from legal settlements, partially of) Tj ET Q q 0 0 0 rg BT 320.38 110.60 Td (fset by $5.7 million of real estate related char) Tj ET Q q 0 0 0 rg BT 501.52 110.60 Td (ges, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 98.60 Td (impairments and lease terminations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 77.60 Td (Floor Plan Inter) Tj ET Q q 0 0 0 rg BT 115.23 77.60 Td (est Expense ? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 56.60 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.05 56.60 Td ($3.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.94 56.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.77 56.60 Td (20%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.10 56.60 Td (\) increase in floor plan interest expense during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.37 56.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.37 56.60 Td ( compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.07 56.60 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.07 56.60 Td (, was the result of higher ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 44.60 Td (average new vehicle inventory levels and higher interest rates throughout ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.45 44.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.45 44.60 Td ( compared to 2015. ) Tj ET Q endstream endobj 101 0 obj <>] /Rotate 0 /Contents 102 0 R>> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (50) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (Other Inter) Tj ET Q q 0 0 0 rg BT 94.40 744.60 Td (est Expense ? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 723.60 Td (Other interest expense increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.16 723.60 Td ($9.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.05 723.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.88 723.60 Td (21%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.21 723.60 Td (\) from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.98 723.60 Td ($44.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.88 723.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.65 723.60 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 723.60 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.43 723.60 Td ($53.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.32 723.60 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.10 723.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.10 723.60 Td (. ) Tj ET Q q 0 0 0 rg BT 489.42 723.60 Td (The increase in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 711.60 Td (interest expense, was primarily the result of our add-on issuance of $200.0 million aggregate principal amount of our 6.0% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 699.60 Td (Senior Subordinated Notes due 2024, which we completed in October 2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 678.60 Td (Gain on Divestitur) Tj ET Q q 0 0 0 rg BT 124.12 678.60 Td (es ? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 657.60 Td (Included in the results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.42 657.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.42 657.60 Td (, were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.35 657.60 Td ($45.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.24 657.60 Td ( of gains related to the current year sale of five franchises \(four ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 645.60 Td (dealership locations\) and two collision centers. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 624.60 Td (Income T) Tj ET Q q 0 0 0 rg BT 86.07 624.60 Td (ax Expense? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 603.60 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.55 603.60 Td ($3.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.44 603.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.27 603.60 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.60 603.60 Td (\) decrease in income tax expense, was primarily a result of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.44 603.60 Td ($5.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.34 603.60 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.17 603.60 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.50 603.60 Td (\) decrease in income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 591.60 Td (before income taxes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.80 591.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.80 591.60 Td ( compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.50 591.60 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.50 591.60 Td (. Our ef) Tj ET Q q 0 0 0 rg BT 268.14 591.60 Td (fective tax rate was 37.6% in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.70 591.60 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.70 591.60 Td ( compared to 38.0% in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.01 591.60 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.01 591.60 Td (. Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 579.60 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 579.60 Td (fective tax rate is highly dependent on our level of income before income taxes and permanent dif) Tj ET Q q 0 0 0 rg BT 448.43 579.60 Td (ferences between book and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 567.60 Td (tax income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 546.60 Td (LIQUIDITY) Tj ET Q q 0 0 0 rg BT 103.59 546.60 Td ( ) Tj ET Q q 0 0 0 rg BT 105.54 546.60 Td (AND CAPIT) Tj ET Q q 0 0 0 rg BT 160.07 546.60 Td (AL) Tj ET Q q 0 0 0 rg BT 173.41 546.60 Td ( RESOURCES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 525.60 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.94 525.60 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.53 525.60 Td (, we had total available liquidity of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.71 525.60 Td ($379.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.60 525.60 Td (, which consisted of cash and cash equivalents ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.33 513.60 Td ($4.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.22 513.60 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.22 513.60 Td ($49.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.11 513.60 Td ( of available funds in our floor plan of) Tj ET Q q 0 0 0 rg BT 320.67 513.60 Td (fset accounts, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.59 513.60 Td ($190.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.48 513.60 Td ( of availability under our new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (vehicle floor plan facility that is able to be re-designated to our revolving credit facility) Tj ET Q q 0 0 0 rg BT 397.62 501.60 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.62 501.60 Td ($46.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.51 501.60 Td ( of availability under our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 489.60 Td (revolving credit facility) Tj ET Q q 0 0 0 rg BT 143.26 489.60 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.20 489.60 Td ($88.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.09 489.60 Td ( of availability under our used vehicle revolving floor plan facility) Tj ET Q q 0 0 0 rg BT 483.36 489.60 Td (. ) Tj ET Q q 0 0 0 rg BT 488.18 489.60 Td (The borrowing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 477.60 Td (capacities under our revolving credit facility and our used vehicle revolving floor plan facility are limited by borrowing base ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (calculations and, from time to time, may be further limited by our required compliance with certain financial covenants. ) Tj ET Q q 0 0 0 rg BT 531.28 465.60 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 453.60 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.08 453.60 Td (, these financial covenants did not further limit our availability under our other credit facilities. For more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 441.60 Td (information on our financial covenants, see "Covenants and Defaults" below) Tj ET Q q 0 0 0 rg BT 355.26 441.60 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 420.60 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 420.60 Td (e continually evaluate our liquidity and capital resources based upon \(i\) our cash and cash equivalents on hand, \(ii\) the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 408.60 Td (funds that we expect to generate through future operations, \(iii\) current and expected borrowing availability under our 2016 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 396.60 Td (Senior Credit Facility) Tj ET Q q 0 0 0 rg BT 135.51 396.60 Td (, our other floor plan facilities, our Real Estate Credit ) Tj ET Q q 0 0 0 rg BT 351.00 396.60 Td (Agreement, our Restated Master Loan ) Tj ET Q q 0 0 0 rg BT 505.95 396.60 Td (Agreement, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 384.60 Td (and our mortgage financings \(each, as defined below\), \(iv\) amounts in our new vehicle floor plan notes payable of) Tj ET Q q 0 0 0 rg BT 506.39 384.60 Td (fset accounts, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 372.60 Td (and \(v\) the potential impact of our capital allocation strategy and any contemplated or pending future transactions, including, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 360.60 Td (but not limited to, financings, acquisitions, dispositions, equity and/or debt repurchases, dividends, or other capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 348.60 Td (expenditures. ) Tj ET Q q 0 0 0 rg BT 105.41 348.60 Td (W) Tj ET Q q 0 0 0 rg BT 114.05 348.60 Td (e believe we will have suf) Tj ET Q q 0 0 0 rg BT 218.00 348.60 Td (ficient liquidity to meet our debt service and working capital requirements; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 336.60 Td (commitments and contingencies; debt repayment, maturity and repurchase obligations; acquisitions; capital expenditures; and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.60 Td (any operating requirements for at least the next twelve months. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 300.60 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 300.60 Td (e currently are party to the following material credit facilities and agreements, and have the following material ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 288.60 Td (indebtedness outstanding. For a more detailed description of the material terms of these agreements and facilities, and this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 276.60 Td (indebtedness, refer to the "Long-T) Tj ET Q q 0 0 0 rg BT 186.45 276.60 Td (erm Debt" footnote included in the Notes to Consolidated Financial Statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 255.60 Td (?) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 255.60 Td (2016 Senior) Tj ET Q q 0 0 0 rg BT 135.60 255.60 Td ( Cr) Tj ET Q q 0 0 0 rg BT 149.58 255.60 Td (edit Facility ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 202.90 255.60 Td (? Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.90 255.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.40 255.60 Td (On July 25, 2016, the Company and certain of its subsidiaries entered into an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 243.60 Td (amended and restated senior secured credit agreement with Bank of ) Tj ET Q q 0 0 0 rg BT 358.17 243.60 Td (America, as administrative agent, and the other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 231.60 Td (lenders party thereto. ) Tj ET Q q 0 0 0 rg BT 172.51 231.60 Td (The 2016 Senior Credit Facility amended and restated the Company's pre-existing senior secured ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 219.60 Td (credit agreement, dated as of ) Tj ET Q q 0 0 0 rg BT 202.67 219.60 Td (August 8, 2013, by and among the Company and certain of its subsidiaries and Bank of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 207.60 Td (America, as administrative agent, and the other agents and lenders party thereto \(the "Restated Credit ) Tj ET Q q 0 0 0 rg BT 492.50 207.60 Td (Agreement"\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 186.60 Td (The 2016 Senior Credit Facility provides for the following:) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 161.26699218750002 m 218.2646484375 161.26699218750002 l s q 0 0 0 rg BT 117.00 162.60 Td (Revolving Cr) Tj ET Q q 0 0 0 rg BT 169.67 162.60 Td (edit Facility) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.26 162.60 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 220.76 162.60 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.26 162.60 Td (A) Tj ET Q q 0 0 0 rg BT 239.93 162.60 Td ( $250.0 million revolving credit facility for) Tj ET Q q 0 0 0 rg BT 412.00 162.60 Td (, among other things, acquisitions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 150.60 Td (working capital and capital expenditures, including a $50.0 million sub-limit for letters of credit. ) Tj ET Q q 0 0 0 rg BT 505.52 150.60 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 138.60 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.58 138.60 Td (, we re-designated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.11 138.60 Td ($190.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.00 138.60 Td ( of availability from our revolving credit facility to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 126.60 Td (new vehicle floor plan facility) Tj ET Q q 0 0 0 rg BT 236.86 126.60 Td (, resulting in $60.0 million of borrowing capacity) Tj ET Q q 0 0 0 rg BT 433.67 126.60 Td (. In addition, we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.38 126.60 Td ($13.3 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 114.60 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.89 114.60 Td ( in outstanding letters of credit, resulting in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.14 114.60 Td ($46.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.03 114.60 Td ( of borrowing availability as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.66 114.60 Td (December?1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 102.60 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.00 102.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 77.26699218750002 m 246.4140625 77.26699218750002 l s q 0 0 0 rg BT 117.00 78.60 Td (New V) Tj ET Q q 0 0 0 rg BT 142.28 78.60 Td (ehicle Floor Plan Facility) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.41 78.60 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 248.91 78.60 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.91 78.60 Td ( ) Tj ET Q q 0 0 0 rg BT 260.86 78.60 Td (A) Tj ET Q q 0 0 0 rg BT 267.53 78.60 Td ( $900.0 million new vehicle revolving floor plan facility) Tj ET Q q 0 0 0 rg BT 492.11 78.60 Td (. In connection, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 66.60 Td (with the new vehicle floor plan facility) Tj ET Q q 0 0 0 rg BT 271.85 66.60 Td (, we established an account with Bank of ) Tj ET Q q 0 0 0 rg BT 437.64 66.60 Td (America that allows us to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 54.60 Td (transfer cash as an of) Tj ET Q q 0 0 0 rg BT 201.22 54.60 Td (fset to floor plan notes payable. ) Tj ET Q q 0 0 0 rg BT 329.62 54.60 Td (These transfers reduce the amount of outstanding new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 42.60 Td (vehicle floor plan notes payable that would otherwise accrue interest, while retaining the ability to transfer ) Tj ET Q endstream endobj 103 0 obj <>] /Rotate 0 /Contents 104 0 R>> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 742.10 Td (amounts from the of) Tj ET Q q 0 0 0 rg BT 198.19 742.10 Td (fset account into our operating cash accounts within one to two days. ) Tj ET Q q 0 0 0 rg BT 476.18 742.10 Td (As a result of the use ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 730.10 Td (of our floor plan of) Tj ET Q q 0 0 0 rg BT 193.46 730.10 Td (fset account, we experience a reduction in Floor Plan Interest Expense on our Consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 718.10 Td (Statements of Income. ) Tj ET Q q 0 0 0 rg BT 208.65 718.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.09 718.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.67 718.10 Td (, we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.77 718.10 Td ($627.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.66 718.10 Td ( outstanding under our new vehicle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 706.10 Td (floor plan facility) Tj ET Q q 0 0 0 rg BT 186.33 706.10 Td (, which is net of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.98 706.10 Td ($38.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.87 706.10 Td ( in our floor plan of) Tj ET Q q 0 0 0 rg BT 385.29 706.10 Td (fset account, . ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 680.7669921875 m 249.1875 680.7669921875 l s q 0 0 0 rg BT 117.00 682.10 Td (Used V) Tj ET Q q 0 0 0 rg BT 145.05 682.10 Td (ehicle Floor Plan Facility) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.19 682.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 251.69 682.10 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.69 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 263.64 682.10 Td (A) Tj ET Q q 0 0 0 rg BT 270.31 682.10 Td ( $150.0 million used vehicle revolving floor plan facility to finance the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 670.10 Td (acquisition of used vehicle inventory and for) Tj ET Q q 0 0 0 rg BT 295.44 670.10 Td (, among other things, working capital and capital expenditures, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 658.10 Td (well as to refinance used vehicles. Our borrowing capacity under the used vehicle floor plan facility was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 646.10 Td (limited to $88.8 million, based on our borrowing base calculation as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.05 646.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.64 646.10 Td (. ) Tj ET Q q 0 0 0 rg BT 486.46 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 495.10 646.10 Td (e began the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 634.10 Td (with nothing drawn on our used vehicle floor plan facility and during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.18 634.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.76 634.10 Td (, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 622.10 Td (had borrowings of $35.0 million and made repayments of $35.0 million, resulting in no outstanding amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 610.10 Td (under our used vehicle floor plan facility as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.44 610.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.02 610.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 586.10 Td (Subject to compliance with certain conditions, the agreement governing the 2016 Senior Credit Facility provides ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 574.10 Td (that we have the ability) Tj ET Q q 0 0 0 rg BT 178.15 574.10 Td (, at our option and subject to the receipt of additional commitments from existing or new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 562.10 Td (lenders, to increase the size of the facilities by up to $325.0 million in the aggregate without lender consent. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 538.10 Td (At our option, we have the ability to re-designate a portion of our availability under our Revolving Credit Facility ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 526.10 Td (to the New ) Tj ET Q q 0 0 0 rg BT 131.70 526.10 Td (V) Tj ET Q q 0 0 0 rg BT 137.81 526.10 Td (ehicle Floor Plan Facility or the Used ) Tj ET Q q 0 0 0 rg BT 290.10 526.10 Td (V) Tj ET Q q 0 0 0 rg BT 296.21 526.10 Td (ehicle Floor Plan Facility) Tj ET Q q 0 0 0 rg BT 396.94 526.10 Td (. ) Tj ET Q q 0 0 0 rg BT 401.75 526.10 Td (The maximum amount we are allowed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 514.10 Td (to re-designate is determined based on our current borrowing availability under our Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 522.51 514.10 Td (, less ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 502.10 Td ($50.0 million. In addition, we are able to re-designate any amounts moved to the New ) Tj ET Q q 0 0 0 rg BT 431.90 502.10 Td (V) Tj ET Q q 0 0 0 rg BT 438.01 502.10 Td (ehicle Floor plan facility or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 490.10 Td (Used ) Tj ET Q q 0 0 0 rg BT 108.37 490.10 Td (V) Tj ET Q q 0 0 0 rg BT 114.48 490.10 Td (ehicle Floor Plan Facility back to the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 366.29 490.10 Td (. ) Tj ET Q q 0 0 0 rg BT 370.74 490.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.18 490.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.77 490.10 Td (, we re-designated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 478.10 Td ($190.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.39 478.10 Td ( of availability under our Revolving Credit Facility to our New ) Tj ET Q q 0 0 0 rg BT 398.33 478.10 Td (V) Tj ET Q q 0 0 0 rg BT 404.44 478.10 Td (ehicle Floor Plan facility) Tj ET Q q 0 0 0 rg BT 502.93 478.10 Td (. ) Tj ET Q q 0 0 0 rg BT 507.75 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 516.39 478.10 Td (e re-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 466.10 Td (designated this amount to take advantage of the lower commitment fee rates on our New ) Tj ET Q q 0 0 0 rg BT 442.15 466.10 Td (V) Tj ET Q q 0 0 0 rg BT 448.26 466.10 Td (ehicle Floor Plan Facility ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 454.10 Td (when compared to our Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 279.25 454.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 430.10 Td (Borrowings under the 2016 Senior Credit Facility bear interest, at our option, based on the London Interbank ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 418.10 Td (Of) Tj ET Q q 0 0 0 rg BT 95.87 418.10 Td (fered Rate \("LIBOR"\) or the Base Rate, in each case plus an ) Tj ET Q q 0 0 0 rg BT 339.23 418.10 Td (Applicable Mar) Tj ET Q q 0 0 0 rg BT 402.08 418.10 Td (gin \(as defined in the 2016 Senior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 406.10 Td (Credit Facility\). ) Tj ET Q q 0 0 0 rg BT 151.70 406.10 Td (The Base Rate is the highest of the \(i\) Bank of ) Tj ET Q q 0 0 0 rg BT 339.15 406.10 Td (America prime rate, \(ii\) Federal Funds rate plus 0.50%, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 394.10 Td (and \(iii\) one month LIBOR plus 1.00%. ) Tj ET Q q 0 0 0 rg BT 247.25 394.10 Td (The ) Tj ET Q q 0 0 0 rg BT 264.74 394.10 Td (Applicable Mar) Tj ET Q q 0 0 0 rg BT 327.59 394.10 Td (gin, for borrowings under the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 549.13 394.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 382.10 Td (ranges from 1.25% to 2.50% for LIBOR loans and 0.25% to 1.50% for Base Rate loans, in each case based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 370.10 Td (Company's total lease adjusted leverage ratio. Borrowings under the New ) Tj ET Q q 0 0 0 rg BT 381.76 370.10 Td (V) Tj ET Q q 0 0 0 rg BT 387.87 370.10 Td (ehicle Floor Plan Facility bear interest, at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 358.10 Td (the option of the Company) Tj ET Q q 0 0 0 rg BT 192.06 358.10 Td (, based on LIBOR plus 1.25% or the Base Rate plus 0.25%. Borrowings under the Used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 346.10 Td (V) Tj ET Q q 0 0 0 rg BT 91.61 346.10 Td (ehicle Floor Plan Facility bear interest, at the option of the Company) Tj ET Q q 0 0 0 rg BT 365.90 346.10 Td (, based on LIBOR plus 1.50% or the Base Rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 334.10 Td (plus 0.50%. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 310.10 Td (In addition to the payment of interest on borrowings outstanding under the 2016 Senior Credit Facility) Tj ET Q q 0 0 0 rg BT 508.00 310.10 Td (, we are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 298.10 Td (required to pay a quarterly commitment fee on the total commitments thereunder) Tj ET Q q 0 0 0 rg BT 408.45 298.10 Td (. ) Tj ET Q q 0 0 0 rg BT 413.27 298.10 Td (The fee for commitments under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 286.10 Td (Revolving Credit Facility is between 0.20% and 0.45% per year) Tj ET Q q 0 0 0 rg BT 340.87 286.10 Td (, based on the Company's total lease adjusted leverage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 274.10 Td (ratio, and the fee for commitments under the New ) Tj ET Q q 0 0 0 rg BT 287.47 274.10 Td (V) Tj ET Q q 0 0 0 rg BT 293.59 274.10 Td (ehicle Facility Floor Plan and the Used ) Tj ET Q q 0 0 0 rg BT 451.98 274.10 Td (V) Tj ET Q q 0 0 0 rg BT 458.10 274.10 Td (ehicle Facility Floor Plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 262.10 Td (Facility is 0.15% per year) Tj ET Q q 0 0 0 rg BT 187.98 262.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 241.10 Td (?) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 241.10 Td (Manufactur) Tj ET Q q 0 0 0 rg BT 136.98 241.10 Td (er) Tj ET Q q 0 0 0 rg BT 145.68 241.10 Td ( affiliated new vehicle floor) Tj ET Q q 0 0 0 rg BT 261.02 241.10 Td ( plan facilities and other) Tj ET Q q 0 0 0 rg BT 364.18 241.10 Td ( financing facilities ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 447.23 241.10 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.23 241.10 Td ( ) Tj ET Q q 0 0 0 rg BT 459.55 241.10 Td (W) Tj ET Q q 0 0 0 rg BT 468.19 241.10 Td (e have a floor plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 229.10 Td (facility with the Ford Motor Credit Company \("Ford Credit"\) to purchase new Ford and Lincoln vehicle inventory) Tj ET Q q 0 0 0 rg BT 541.26 229.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 217.10 Td (which matures on December 5, 2019. ) Tj ET Q q 0 0 0 rg BT 237.50 217.10 Td (W) Tj ET Q q 0 0 0 rg BT 246.13 217.10 Td (e also have a floor plan of) Tj ET Q q 0 0 0 rg BT 349.80 217.10 Td (fset account with Ford Credit, which operates in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 205.10 Td (similar manner to our floor plan of) Tj ET Q q 0 0 0 rg BT 224.17 205.10 Td (fset account with Bank of ) Tj ET Q q 0 0 0 rg BT 328.87 205.10 Td (America. ) Tj ET Q q 0 0 0 rg BT 367.74 205.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.18 205.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.77 205.10 Td (, we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.87 205.10 Td ($104.2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 193.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.39 193.10 Td (, outstanding under our floor plan facility which is net of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.79 193.10 Td ($10.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.68 193.10 Td ( in our floor plan of) Tj ET Q q 0 0 0 rg BT 476.09 193.10 Td (fset account. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 181.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 135.40 181.10 Td (, we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.50 181.10 Td ($86.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.39 181.10 Td ( outstanding under facilities with certain manufacturers for the financing of loaner ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 169.10 Td (vehicles, which were presented within ) Tj ET Q q 0 0 0 rg BT 240.45 169.10 Td (Accounts Payable and ) Tj ET Q q 0 0 0 rg BT 331.26 169.10 Td (Accrued Liabilities in our Consolidated Balance Sheets. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 157.10 Td (Neither our floor plan facility with Ford Credit nor our facilities for loaner vehicles have stated borrowing limitations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 136.10 Td (?) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 136.10 Td (6.0% Senior) Tj ET Q q 0 0 0 rg BT 138.10 136.10 Td ( Subordinated Notes due 2024 \("6.0% Notes"\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.04 136.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 337.54 136.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.04 136.10 Td (as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.70 136.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.29 136.10 Td ( we had $600.0 million in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 124.10 Td (aggregate principal amounts outstanding related to our 6.0% Notes. ) Tj ET Q q 0 0 0 rg BT 357.75 124.10 Td (W) Tj ET Q q 0 0 0 rg BT 366.38 124.10 Td (e are required to pay interest on the 6.0% Notes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 112.10 Td (on June?5 and December?5 of each year until maturity on December?5, 2024.?) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 91.10 Td (?) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 91.10 Td (Mortgage notes ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 154.37 91.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.87 91.10 Td (as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.53 91.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.11 91.10 Td (, we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.21 91.10 Td ($139.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.10 91.10 Td ( of mortgage note obligations. ) Tj ET Q q 0 0 0 rg BT 484.67 91.10 Td (These obligations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 79.10 Td (are collateralized by the associated real estate at our dealership locations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 58.10 Td (?) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 58.10 Td (Restated Master) Tj ET Q q 0 0 0 rg BT 155.57 58.10 Td ( Loan ) Tj ET Q q 0 0 0 rg BT 182.25 58.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 198.73 58.10 Td (eement ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 231.76 58.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.26 58.10 Td (provides for term loans to certain of our subsidiaries in an aggregate amount ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 46.10 Td (not to exceed $100.0 million. Borrowings under the Restated Master Loan ) Tj ET Q q 0 0 0 rg BT 384.61 46.10 Td (Agreement are guaranteed by us and are ) Tj ET Q endstream endobj 105 0 obj <>] /Rotate 0 /Contents 106 0 R>> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 742.10 Td (collateralized by the real property financed under the Restated Master Loan ) Tj ET Q q 0 0 0 rg BT 389.54 742.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 438.41 742.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.85 742.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.44 742.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 730.10 Td (outstanding balance under the Restated Master Loan ) Tj ET Q q 0 0 0 rg BT 297.38 730.10 Td (Agreement was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.36 730.10 Td ($88.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.25 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 421.07 730.10 Td (There is no further borrowing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 718.10 Td (availability under this facility) Tj ET Q q 0 0 0 rg BT 202.87 718.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 697.10 Td (?) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 697.10 Td (Real Estate Cr) Tj ET Q q 0 0 0 rg BT 148.08 697.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 166.13 697.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 182.61 697.10 Td (eement ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 215.65 697.10 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.65 697.10 Td ( a real estate term loan credit agreement with an initial principal value of $75.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 685.10 Td (million collateralized by first priority liens, subject to certain permitted exceptions, on all of the real property financed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 673.10 Td (thereunder) Tj ET Q q 0 0 0 rg BT 127.70 673.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.15 673.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.59 673.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.18 673.10 Td (, we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.28 673.10 Td ($48.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.17 673.10 Td ( of mortgage note obligations outstanding under the Real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 661.10 Td (Estate Credit ) Tj ET Q q 0 0 0 rg BT 139.38 661.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 188.62 661.10 Td (There is no further borrowing availability under this agreement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 640.10 Td (Covenants and Defaults) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 619.10 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 619.10 Td (e are subject to a number of customary covenants in our various debt and lease agreements, including those described ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 607.10 Td (below) Tj ET Q q 0 0 0 rg BT 73.29 607.10 Td (.?) Tj ET Q q 0 0 0 rg BT 80.61 607.10 Td (W) Tj ET Q q 0 0 0 rg BT 89.25 607.10 Td (e were in compliance with all of our covenants as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.56 607.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.14 607.10 Td (. Failure to comply with any of our debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 595.10 Td (covenants would constitute a default under the relevant debt agreements, which would entitle the lenders under such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 583.10 Td (agreements to terminate our ability to borrow under the relevant agreements and accelerate our obligations to repay outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 571.10 Td (borrowings, if any) Tj ET Q q 0 0 0 rg BT 122.45 571.10 Td (, unless compliance with the covenants were waived. In many cases, defaults under one of our agreements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 559.10 Td (could trigger cross-default provisions in our other agreements. If we are unable to remain in compliance with our financial or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 547.10 Td (other covenants, we would be required to seek waivers or modifications of our covenants from our lenders, or we would need to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 535.10 Td (raise debt and/or equity financing or sell assets to generate proceeds suf) Tj ET Q q 0 0 0 rg BT 336.17 535.10 Td (ficient to repay such debt. ) Tj ET Q q 0 0 0 rg BT 442.06 535.10 Td (W) Tj ET Q q 0 0 0 rg BT 450.70 535.10 Td (e cannot give any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 523.10 Td (assurance that we would be able to successfully take any of these actions on terms, or at times, that may be necessary or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 511.10 Td (desirable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 490.10 Td (The representations and covenants contained in the 2016 Senior Credit Facility include, among others, a requirement to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (comply with a minimum consolidated current ratio, consolidated fixed char) Tj ET Q q 0 0 0 rg BT 350.90 478.10 Td (ge coverage ratio and a maximum consolidated total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (lease adjusted leverage ratio, in each case as set out in the 2016 Senior Credit Facility) Tj ET Q q 0 0 0 rg BT 391.52 466.10 Td (. In addition, certain other covenants ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (could restrict our ability to incur additional debt, pay dividends or acquire or dispose of assets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 433.10 Td (The 2016 Senior Credit Facility also provides for events of default that are customary for financing transactions of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 421.10 Td (nature, including cross-defaults to other material indebtedness. In certain instances, an event of default under either the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 409.10 Td (revolving credit facility or the used vehicle floor plan facility could be, or result in, an event of default under the new vehicle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 397.10 Td (floor plan facility) Tj ET Q q 0 0 0 rg BT 118.83 397.10 Td (, and vice versa. Upon the occurrence of an event of default, we could be required to immediately repay all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 385.10 Td (amounts outstanding under the 2016 Senior Credit Facility) Tj ET Q q 0 0 0 rg BT 283.54 385.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 364.10 Td (The representations and covenants contained in the Real Estate Credit ) Tj ET Q q 0 0 0 rg BT 346.07 364.10 Td (Agreement are customary for financing transactions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (of this nature including, among others, a requirement to comply with a minimum consolidated current ratio, minimum ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (consolidated fixed char) Tj ET Q q 0 0 0 rg BT 142.62 340.10 Td (ge coverage ratio, and a maximum consolidated total lease adjusted leverage ratio, in each case as set ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (out in the Real Estate Credit ) Tj ET Q q 0 0 0 rg BT 164.48 328.10 Td (Agreement. In addition, certain other covenants could restrict our ability to incur additional debt, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (pay dividends or acquire or dispose of assets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 295.10 Td (The representations, warranties, and covenants contained in the Restated Master Loan ) Tj ET Q q 0 0 0 rg BT 410.21 295.10 Td (Agreement and the related documents ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 283.10 Td (include, among others, a requirement to comply with a minimum consolidated current ratio, minimum consolidated fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 271.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 271.10 Td (ge coverage ratio and maximum consolidated total lease adjusted leverage ratio, in each case as set out in the Restated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 259.10 Td (Master Loan ) Tj ET Q q 0 0 0 rg BT 102.26 259.10 Td (Agreement. In addition, certain other covenants could restrict our ability to incur additional debt, pay dividends, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 247.10 Td (acquire or dispose of assets. ) Tj ET Q q 0 0 0 rg BT 163.73 247.10 Td (The Restated Master Loan ) Tj ET Q q 0 0 0 rg BT 271.48 247.10 Td (Agreement also provides for events of default that are customary for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 235.10 Td (financing transactions of this nature, including cross-defaults to other material indebtedness. Upon the occurrence of an event ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 223.10 Td (of default, the Real Estate Borrowers or) Tj ET Q q 0 0 0 rg BT 208.21 223.10 Td (, failing such compliance, we could be required to immediately repay all amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 211.10 Td (outstanding under the Restated Master Loan ) Tj ET Q q 0 0 0 rg BT 228.35 211.10 Td (Agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.50 190.10 Td (Certain of our lease agreements also require compliance with various financial covenants and incorporate by reference the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (financial covenants set forth in the 2016 Senior Credit Facility) Tj ET Q q 0 0 0 rg BT 298.51 178.10 Td (. ) Tj ET Q q 0 0 0 rg BT 302.96 178.10 Td (A) Tj ET Q q 0 0 0 rg BT 309.63 178.10 Td ( breach of any of these covenants could immediately give rise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (to certain landlord remedies under our various lease agreements, the most severe of which include the following: \(i\) termination ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (of the applicable lease and/or other leases with the same or an af) Tj ET Q q 0 0 0 rg BT 306.99 154.10 Td (filiated landlord under a cross-default provision, \(ii\) eviction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (from the premises, and \(iii\) the landlord having a claim for various damages.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 121.10 Td (The 2016 Senior Credit Facility and the Indenture currently allow for restricted payments without limit so long as our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 109.10 Td (consolidated total leverage ratio \(as defined in the 2016 Senior Credit Facility and the Indenture\) is no greater than 3.0 to 1.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 97.10 Td (after giving ef) Tj ET Q q 0 0 0 rg BT 105.96 97.10 Td (fect to such proposed restricted payments. Restricted payments generally include items such as dividends, share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 85.10 Td (repurchases, unscheduled repayments of subordinated debt, or purchases of certain investments. In the event that our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 73.10 Td (consolidated total leverage ratio does \(or would\) exceed 3.0 to 1.0, the 2016 Senior Credit Facility and the Indenture would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 61.10 Td (then also allow for restricted payments under the following mutually exclusive parameters, subject to certain exclusions:) Tj ET Q endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 742.10 Td (Restricted payments in an aggregate amount not to exceed $20.0 million in any fiscal year;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 724.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 724.10 Td (General restricted payments allowance of $150.0 million; and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 706.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 706.10 Td (Subject to our continued compliance with a fixed char) Tj ET Q q 0 0 0 rg BT 301.92 706.10 Td (ge coverage ratio as set out in the Indenture, restricted payments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 694.10 Td (capacity additions \(or subtractions if negative\) equal to \(i\) 50% of our net income \(as defined in the 2016 Senior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 682.10 Td (Credit Facility and the Indenture\) beginning on October 1, 2014 and ending on the date of the most recently completed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 670.10 Td (fiscal quarter \(the "Measurement Period"\), plus \(ii\) 100% of any cash proceeds we receive from the sale of equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 658.10 Td (interests during the Measurement Period minus \(iii\) the dollar amount of share purchases made and dividends paid on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 646.10 Td (or after December 4, 2014.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 625.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 68.02 625.10 Td (e Repur) Tj ET Q q 0 0 0 rg BT 99.03 625.10 Td (chases and Dividend Restrictions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 604.10 Td (Our ability to repurchase shares or pay dividends on our common stock is subject to our compliance with the covenants and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (restrictions described in "Covenants and Defaults" above.?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 571.10 Td (On January 30, 2014, our Board of Directors authorized our current share repurchase program \(the "Repurchase Program"\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 559.10 Td (During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.33 559.10 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.33 559.10 Td (, we repurchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.30 559.10 Td (584,696) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.80 559.10 Td ( shares of our common stock under the Repurchase Program for a total of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.82 559.10 Td ($34.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.71 559.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 547.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.94 547.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.53 547.10 Td ( we had remaining authorization to repurchase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.51 547.10 Td ($53.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.40 547.10 Td ( in shares of our common stock under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 535.10 Td (Repurchase Program. On January 24, 2018, our Board of Directors reset the authorization under our Repurchase Program to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 523.10 Td ($100.0 million in the aggregate, for the repurchase of our common stock in open market transactions or privately negotiated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 511.10 Td (transactions, from time to time.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 490.10 Td (During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.83 490.10 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.83 490.10 Td (, we repurchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.80 490.10 Td (74,670) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.30 490.10 Td ( shares of our common stock for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.21 490.10 Td ($4.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.10 490.10 Td ( from employees in connection with a net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (share settlement feature of employee equity-based awards.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 457.10 Td (Contractual Obligations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 436.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.94 436.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.53 436.10 Td (, we had the following contractual obligations \(in millions; note references are to the notes to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (Consolidated Financial Statements included elsewhere herein\): ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 383.60 166.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 383.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 383.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 383.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 383.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 383.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 383.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 383.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 383.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 383.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 383.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 383.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 383.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 383.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 353.60 166.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 353.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 353.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 353.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 353.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 353.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 353.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 353.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 353.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 353.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 353.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 353.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 353.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 353.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 323.60 166.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 323.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 323.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 323.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 323.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 323.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 323.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 323.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 323.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 323.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 323.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 323.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 323.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 323.60 43.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 398.6 m 259 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 398.6 m 263 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 398.6 m 306 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 398.6 m 310 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 398.6 m 352 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 398.6 m 356 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 398.6 m 398 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 398.6 m 402 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 398.6 m 444 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 398.6 m 448 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 398.6 m 501 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 398.6 m 505 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 398.6 m 548 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 383.6 m 259 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 383.6 m 306 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 383.6 m 352 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 383.6 m 398 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 398.6 m 444 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 383.6 m 444 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 383.6 m 501 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 383.6 m 548 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 383.6 m 259 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 383.6 m 306 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 383.6 m 352 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 383.6 m 398 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 383.6 m 444 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 383.6 m 501 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 383.6 m 548 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 323.6 m 259 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 323.6 m 306 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 323.6 m 352 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 323.6 m 398 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 323.6 m 444 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 323.6 m 501 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 323.6 m 259 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 309.6 m 259 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 307.6 m 259 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 323.6 m 306 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 309.6 m 306 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 307.6 m 306 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 323.6 m 352 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 309.6 m 352 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 307.6 m 352 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 323.6 m 398 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 309.6 m 398 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 307.6 m 398 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 323.6 m 444 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 309.6 m 444 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 307.6 m 444 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 323.6 m 501 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 309.6 m 501 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 307.6 m 501 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 323.6 m 548 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 309.6 m 548 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 307.6 m 548 307.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.95 403.28 Td (Payments due by period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 388.28 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 388.28 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.50 388.28 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.50 388.28 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.50 388.28 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.10 388.28 Td (Ther) Tj ET Q q 0 0 0 rg BT 472.12 388.28 Td (eafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.05 388.28 Td (T) Tj ET Q q 0 0 0 rg BT 520.80 388.28 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 373.27 Td (Floor plan notes payable \(Notes10&1) Tj ET Q q 0 0 0 rg BT 202.84 373.27 Td (1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.50 373.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.60 373.27 Td (732.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.50 373.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 373.27 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.50 373.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 373.27 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.50 373.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 373.27 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.50 373.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 373.27 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 373.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 373.27 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.50 373.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.60 373.27 Td (732.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 358.27 Td (Operating leases \(Note 18\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.65 358.27 Td (23.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.65 358.27 Td (22.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.65 358.27 Td (22.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.65 358.27 Td (19.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 358.27 Td (14.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 358.27 Td (22.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.60 358.27 Td (123.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 343.27 Td (Long-term debt \(Note 13\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.65 343.27 Td (15.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.65 343.27 Td (39.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.65 343.27 Td (30.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.65 343.27 Td (13.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 343.27 Td (28.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 343.27 Td (751.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.60 343.27 Td (879.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 328.27 Td (Interest on long-term debt \(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.65 328.27 Td (48.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.65 328.27 Td (47.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.65 328.27 Td (46.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.65 328.27 Td (45.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 328.27 Td (43.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 328.27 Td (80.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.60 328.27 Td (31) Tj ET Q q 0 0 0 rg BT 531.60 328.27 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 313.27 Td (T) Tj ET Q q 0 0 0 rg BT 69.91 313.27 Td (otal contractual obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.50 313.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.60 313.27 Td (819.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.50 313.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.60 313.27 Td (1) Tj ET Q q 0 0 0 rg BT 284.60 313.27 Td (10.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.50 313.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.65 313.27 Td (98.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.50 313.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.65 313.27 Td (78.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.50 313.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 313.27 Td (86.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 313.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 313.27 Td (853.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.50 313.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.10 313.27 Td (2,046.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 297.10 Td (________________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 285.10 Td (\(a\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 285.10 Td (Includes variable rate interest payments calculated using an estimated LIBOR rate of 1.56%, and assumes that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 273.10 Td (borrowings will not be refinanced prior to or upon maturity) Tj ET Q q 0 0 0 rg BT 322.30 273.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.10 Td (Cash Flows) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (Classification of Cash Flows ) Tj ET Q q 0 0 0 rg BT 167.67 232.10 Td (Associated with Floor Plan Notes Payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 215.10 Td (Borrowings and repayments of floor plan notes payable to a lender unaf) Tj ET Q q 0 0 0 rg BT 350.23 215.10 Td (filiated with the manufacturer from which we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (purchase a particular new vehicle \("Non-T) Tj ET Q q 0 0 0 rg BT 219.54 203.10 Td (rade"\), and all floor plan notes payable relating to used vehicles \(together referred to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (as "Floor Plan Notes Payable—Non-T) Tj ET Q q 0 0 0 rg BT 202.65 191.10 Td (rade"\), are classified as financing activities on the accompanying Consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 179.10 Td (Statements of Cash Flows, with borrowings reflected separately from repayments. ) Tj ET Q q 0 0 0 rg BT 380.35 179.10 Td (The net change in floor plan notes payable to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (a lender af) Tj ET Q q 0 0 0 rg BT 91.51 167.10 Td (filiated with the manufacturer from which we purchase a particular new vehicle \(collectively referred to as "Floor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (Plan Notes Payable—T) Tj ET Q q 0 0 0 rg BT 143.02 155.10 Td (rade"\) is classified as an operating activity on the accompanying Consolidated Statements of Cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (Flows. Borrowings of floor plan notes payable associated with inventory acquired in connection with all acquisitions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (repayments made in connection with all divestitures are classified as a financing activity in the accompanying Consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (Statement of Cash Flows. Cash flows related to floor plan notes payable included in operating activities dif) Tj ET Q q 0 0 0 rg BT 477.83 119.10 Td (fer from cash flows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (related to floor plan notes payable included in financing activities only to the extent that the former are payable to a lender ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 95.10 Td (filiated with the manufacturer from which we purchased the related inventory) Tj ET Q q 0 0 0 rg BT 366.87 95.10 Td (, while the latter are payable to a lender not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 83.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 83.10 Td (filiated with the manufacturer from which we purchased the related inventory) Tj ET Q q 0 0 0 rg BT 366.87 83.10 Td (. ) Tj ET Q q 0 0 0 rg BT 371.69 83.10 Td (The majority of our floor plan notes are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 71.10 Td (payable to parties unaf) Tj ET Q q 0 0 0 rg BT 140.12 71.10 Td (filiated with the entities from which we purchase our new vehicle inventory) Tj ET Q q 0 0 0 rg BT 442.42 71.10 Td (, with the exception of floor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 59.10 Td (plan notes payable relating to the financing of new Ford and Lincoln vehicles.) Tj ET Q endstream endobj 109 0 obj <>] /Rotate 0 /Contents 110 0 R>> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 742.10 Td (Floor plan borrowings are required by all vehicle manufacturers for the purchase of new vehicles, and all floor plan lenders ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (require amounts borrowed for the purchase of a vehicle to be repaid within a short time period after the related vehicle is sold. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (As a result, we believe that it is important to understand the relationship between the cash flows of all of our floor plan notes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (payable and new vehicle inventory in order to understand our working capital and operating cash flow and to be able to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (compare our operating cash flow to that of our competitors \(i.e., if our competitors have a dif) Tj ET Q q 0 0 0 rg BT 421.70 694.10 Td (ferent mix of trade and non-trade ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (floor plan financing as compared to us\). In addition, we include all floor plan borrowings and repayments in our internal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (operating cash flow forecasts. ) Tj ET Q q 0 0 0 rg BT 170.85 670.10 Td (As a result, we use the non-GAAP) Tj ET Q q 0 0 0 rg BT 308.51 670.10 Td ( measure "cash provided by operating activities, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (adjusted" \(defined below\) to compare our results to forecasts. ) Tj ET Q q 0 0 0 rg BT 297.77 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 306.40 658.10 Td (e believe that splitting the cash flows of floor plan notes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (payable between operating activities and financing activities, while all new vehicle inventory activity is included in operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (activities, results in significantly dif) Tj ET Q q 0 0 0 rg BT 192.90 634.10 Td (ferent operating cash flow than if all the cash flows of floor plan notes payable were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (classified together in operating activities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 601.10 Td ( Cash provided by operating activities, as adjusted, includes borrowings and repayments of floor plan notes payable to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 589.10 Td (lenders not af) Tj ET Q q 0 0 0 rg BT 103.74 589.10 Td (filiated with the manufacturer from which we purchase the related new vehicles and all floor plan notes payable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 577.10 Td (relating to used vehicles. Cash provided by operating activities, as adjusted, has material limitations, and therefore, may not be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 565.10 Td (comparable to similarly titled measures of other companies and should not be considered in isolation, or as a substitute for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 553.10 Td (analysis of our operating results in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 283.88 553.10 Td (. In order to compensate for these potential limitations we also ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 541.10 Td (review the related GAAP) Tj ET Q q 0 0 0 rg BT 150.48 541.10 Td ( measures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 520.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 520.10 Td (e have provided below a reconciliation of cash flow from operating activities, as if all changes in floor plan notes payable, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (except for \(i\) borrowings associated with acquisitions and repayments associated with divestitures and \(ii\) borrowings and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (repayments associated with the purchase of used vehicle inventory) Tj ET Q q 0 0 0 rg BT 315.43 496.10 Td (, were classified as an operating activity) Tj ET Q q 0 0 0 rg BT 474.99 496.10 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.49 496.10 Td (? Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 437.60 386.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 437.60 39.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 437.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 437.60 39.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 437.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 437.60 39.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 399.60 386.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 399.60 39.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 399.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 399.60 39.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 399.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 399.60 39.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 463.6 m 475 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 463.6 m 479 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 463.6 m 518 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 463.6 m 522 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 463.6 m 561 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 463.6 m 475 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 450.6 m 475 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 463.6 m 518 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 450.6 m 518 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 463.6 m 522 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 463.6 m 561 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 450.6 m 561 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 384.6 m 475 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 371.6 m 475 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 369.6 m 475 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 384.6 m 518 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 371.6 m 518 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 369.6 m 518 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 384.6 m 561 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 371.6 m 561 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 369.6 m 561 369.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 468.06 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.60 477.00 Td (For) Tj ET Q q 0 0 0 rg BT 472.51 477.00 Td ( the ) Tj ET Q q 0 0 0 rg BT 488.76 477.00 Td (Y) Tj ET Q q 0 0 0 rg BT 494.59 477.00 Td (ears Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.80 468.00 Td (December) Tj ET Q q 0 0 0 rg BT 510.69 468.00 Td ( 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 454.86 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 455.00 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.00 455.00 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.00 455.00 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 441.86 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.35 442.00 Td (\(In millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 428.16 Td (Reconciliation of Cash pr) Tj ET Q q 0 0 0 rg BT 155.18 428.16 Td (ovided by operating activities to Cash pr) Tj ET Q q 0 0 0 rg BT 318.12 428.16 Td (ovided by operating) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 418.16 Td (activities, as adjusted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 404.17 Td (Cash provided by operating activities, as reported) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 404.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.60 404.17 Td (266.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.50 404.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.60 404.17 Td (142.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.50 404.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.60 404.17 Td (160.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 389.27 Td (New vehicle floor plan borrowings \(repayments\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.71 389.27 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.71 389.27 Td (non-trade, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.30 389.32 Td (\(70.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 389.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.60 389.27 Td (1) Tj ET Q q 0 0 0 rg BT 496.60 389.27 Td (18.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.30 389.32 Td (\(36.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.15 389.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 375.17 Td (Cash provided by operating activities, as adjusted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 375.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.60 375.17 Td (195.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.50 375.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.60 375.17 Td (260.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.50 375.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.60 375.17 Td (123.5) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 92.93 350.10 Td (Activities? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 329.10 Td (Net cash provided by operating activities totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.83 329.10 Td ($266.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.72 329.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.72 329.10 Td ($142.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.61 329.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.55 329.10 Td ($160.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.44 329.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.08 317.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.08 317.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.08 317.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.02 317.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.02 317.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 247.68 317.10 Td (. Net cash provided by operating activities, as adjusted, totaled? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.67 317.10 Td ($195.6 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 305.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.39 305.10 Td ($260.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.28 305.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.22 305.10 Td ($123.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.11 305.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.47 305.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.05 305.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.05 305.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.05 305.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.99 305.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.99 305.10 Td ( respectively) Tj ET Q q 0 0 0 rg BT 500.15 305.10 Td (. Net cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (provided by operating activities, as adjusted, includes net income, adjustments to reconcile net income to net cash provided by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (operating activities, changes in working capital, and changes in floor plan notes payable—non-trade.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 260.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.55 260.10 Td ($64.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.44 260.10 Td ( decrease in our net cash provided by operating activities, as adjusted, for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.89 260.10 Td (year ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 248.10 Td ( compared to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.92 248.10 Td (year ended December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.59 248.10 Td (, was primarily the result of the following:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 224.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 224.10 Td ($29.4 million related to an increase in inventory) Tj ET Q q 0 0 0 rg BT 277.02 224.10 Td (, net of floor plan notes payable, including both trade and non-trade;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 203.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 203.10 Td ($47.1 million related to the change in other current and non-current assets and liabilities; and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 182.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 182.10 Td ($34.0 million related to the change in accounts payable and accrued liabilities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 161.10 Td (The decrease in our net cash provided by operating activities, as adjusted, was partially of) Tj ET Q q 0 0 0 rg BT 422.14 161.10 Td (fset by:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 140.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 140.10 Td ($25.9 million related to sales volume and the timing of collection of accounts receivable and contracts-in-transit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 128.10 Td (during 2017 as compared to 2016; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 107.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 107.10 Td ($19.7 million related to non-cash adjustments to net income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 86.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.55 86.10 Td ($137.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.44 86.10 Td ( increase in our net cash provided by operating activities, as adjusted, for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.23 86.10 Td (year ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 74.10 Td ( as compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.83 74.10 Td (December?1, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.42 74.10 Td ( was primarily the result of the following:) Tj ET Q endstream endobj 111 0 obj <>] /Rotate 0 /Contents 112 0 R>> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 742.10 Td ($126.1 million related to an increase in net floor plan notes payable, including both trade and non-trade, primarily as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 730.10 Td (result of a $66.5 million net decrease in our floor plan of) Tj ET Q q 0 0 0 rg BT 311.92 730.10 Td (fset accounts;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 709.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 709.10 Td ($55.2 million related to a decrease in inventory) Tj ET Q q 0 0 0 rg BT 273.68 709.10 Td (, due primarily to inventory turnover and the divestiture of five ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 697.10 Td (franchises \(four dealership locations\) and two collision centers in 2016; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 676.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 676.10 Td ($4.9 million related to sales volume and the timing of collection of accounts receivable and contracts-in-transit during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 664.10 Td (2016 as compared to 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 643.10 Td (The increase in our net cash provided by operating activities, as adjusted, was partially of) Tj ET Q q 0 0 0 rg BT 420.48 643.10 Td (fset by:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 622.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 622.10 Td ($33.8 million related to the net increase in other current assets, primarily related to an increase in our loaner vehicle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 610.10 Td (inventory and the turnover of that inventory; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 589.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 589.10 Td ($8.6 million related to a decrease in accounts payable, accrued liabilities and other long-term assets and liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 577.10 Td (during 2016 when compared to 2015; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 556.10 Td (?) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 556.10 Td ($6.8 million decrease in net income adjusted for non-cash items, primarily attributable to the $45.5 million gain on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 544.10 Td (divestitures in 2016 compared to the $34.9 million gain on divestitures in 2015, the $3.6 million of impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 532.10 Td (expenses in 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 511.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 88.47 511.10 Td (Activities? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 490.10 Td (Net cash used in investing activities totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.29 490.10 Td ($127.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.18 490.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.62 490.10 Td ($61.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.51 490.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.87 490.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.45 490.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 478.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.16 478.10 Td (. Net cash provided by investing activities totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.39 478.10 Td ($4.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.28 478.10 Td ( for the year ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.33 478.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.33 478.10 Td (. Cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (flows from investing activities relate primarily to capital expenditures, acquisitions, divestitures, and the sale of property and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (equipment. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 433.10 Td (Capital expenditures, excluding the purchase of real estate and acquisitions, were? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.38 433.10 Td ($42.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.27 433.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.27 433.10 Td ($81.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.17 433.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.10 433.10 Td ($71.7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 421.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 421.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.74 421.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.33 421.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.33 421.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.33 421.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.27 421.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.27 421.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 357.93 421.10 Td (. Purchases of real estate totaled? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.71 421.10 Td ($5.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.60 421.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 409.10 Td ($10.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.39 409.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.33 409.10 Td ($30.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.22 409.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.57 409.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.16 409.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.16 409.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.16 409.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.10 409.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.10 409.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 458.76 409.10 Td (. In addition, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 397.10 Td (purchased previously leased facilities for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.83 397.10 Td ($5.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.72 397.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.16 397.10 Td ($19.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.05 397.10 Td ( during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.35 397.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.93 397.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.37 397.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.37 397.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 385.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 385.10 Td (. ) Tj ET Q q 0 0 0 rg BT 101.98 385.10 Td (There were no purchases of previously leased facilities during the year ended December 31, 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 361.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 361.10 Td (e expect that capital expenditures during 2018 will total approximately $50.0 million to upgrade or replace our existing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 349.10 Td (facilities, construct new facilities, expand our service capacity) Tj ET Q q 0 0 0 rg BT 297.36 349.10 Td (, and invest in technology and equipment. ) Tj ET Q q 0 0 0 rg BT 466.49 349.10 Td (As part of our capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 337.10 Td (allocation strategy) Tj ET Q q 0 0 0 rg BT 122.43 337.10 Td (, we continually evaluate opportunities to purchase properties currently under lease and acquire properties in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 325.10 Td (connection with future dealership relocations. No assurances can be provided that we will have or be able to access capital at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 313.10 Td (times or on terms in amounts deemed necessary to execute this strategy) Tj ET Q q 0 0 0 rg BT 334.60 313.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 292.10 Td (During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.52 292.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.11 292.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.54 292.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.54 292.10 Td ( we acquired two franchises \(two dealership locations\) and one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (collision center for an aggregate purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.18 280.10 Td ($80.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.07 280.10 Td ( and two franchises \(two dealership locations\) for an aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.85 268.10 Td ($69.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.74 268.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 227.41 268.10 Td (. ) Tj ET Q q 0 0 0 rg BT 232.22 268.10 Td (W) Tj ET Q q 0 0 0 rg BT 240.86 268.10 Td (e did not acquire any franchises during the year ended December 31, 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 244.10 Td (There were no divestitures during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.26 244.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.84 244.10 Td (. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.47 244.10 Td (December?1, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.06 244.10 Td (, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (divested five franchises \(four dealership locations\) and two collision centers for proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 232.10 Td ($1) Tj ET Q q 0 0 0 rg BT 429.28 232.10 Td (14.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.17 232.10 Td (. In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.78 232.10 Td ($13.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 220.10 Td ( of mortgage note repayments were paid directly by the buyer as part of these divestitures. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (December?1, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.08 208.10 Td (, we divested seven franchises \(five dealership locations\) and one collision center for proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.05 208.10 Td ($105.9 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 196.10 Td (. In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.00 196.10 Td ($19.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.89 196.10 Td ( of mortgage note repayments were paid directly by the buyer as part of these divestitures. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.40 184.10 Td (, proceeds from the sale of assets, unrelated to the dealership divestitures, were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.63 184.10 Td ($5.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.52 184.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.52 184.10 Td ($2.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.41 184.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.85 184.10 Td ($3.6 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 172.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.74 172.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.33 172.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.33 172.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.33 172.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.27 172.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.27 172.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 357.93 172.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 151.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 92.92 151.10 Td (Activities? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 130.10 Td (Net cash used in financing activities totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.39 130.10 Td ($137.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.28 130.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.28 130.10 Td ($146.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.17 130.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.61 130.10 Td ($98.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.50 130.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.08 118.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.08 118.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.08 118.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.52 118.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.52 118.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 245.18 118.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 97.10 Td (During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.02 97.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.61 97.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.61 97.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.61 97.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.54 97.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.54 97.10 Td (, we had non-trade floor plan borrowings of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 97.10 Td ($3.85 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.11 97.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.11 97.10 Td ($3.87 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 85.10 Td (billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.61 85.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.55 85.10 Td ($4.13 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.67 85.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 201.33 85.10 Td (. Included in our non-trade floor plan borrowings, were borrowings of $35.0 million, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 73.10 Td ($55.0 million, and $254.0 million, for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.07 73.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.66 73.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.66 73.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.66 73.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.60 73.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.60 73.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 466.26 73.10 Td (, related to our used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 61.10 Td (vehicle floor plan facility) Tj ET Q q 0 0 0 rg BT 150.20 61.10 Td (. In addition, during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.10 61.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.69 61.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.63 61.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.63 61.10 Td (, we had non-trade floor plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 49.10 Td (borrowings of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.38 49.10 Td ($25.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.27 49.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.21 49.10 Td ($16.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.10 49.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 290.76 49.10 Td (, related to acquisitions. ) Tj ET Q q 0 0 0 rg BT 388.34 49.10 Td (There were no borrowings related to ) Tj ET Q endstream endobj 113 0 obj <>] /Rotate 0 /Contents 114 0 R>> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (acquisitions during the year ended December 31, 2016. ) Tj ET Q q 0 0 0 rg BT 272.59 742.10 Td (The majority of our floor plan notes are payable to parties unaf) Tj ET Q q 0 0 0 rg BT 524.26 742.10 Td (filiated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (with the entities from which we purchase our new vehicle inventory) Tj ET Q q 0 0 0 rg BT 320.99 730.10 Td (, with the exception of floor plan notes payable relating to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (the financing of new Ford and Lincoln vehicles. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 697.10 Td (During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.02 697.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.61 697.10 Td (,? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.61 697.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.61 697.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.54 697.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.54 697.10 Td (, we made non-trade floor plan repayments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.75 697.10 Td ($3.92 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.87 697.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 685.10 Td ($3.75 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.61 685.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.55 685.10 Td ($4.17 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.67 685.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 226.33 685.10 Td (. Included in our non-trade floor plan repayments were repayments of $35.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 673.10 Td (million, $55.0 million, and $254.0 million for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.47 673.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.05 673.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.05 673.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.05 673.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.99 673.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.99 673.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 497.65 673.10 Td (, related to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 661.10 Td (used vehicle floor plan facility) Tj ET Q q 0 0 0 rg BT 171.03 661.10 Td (. In addition, during the years ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.52 661.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.52 661.10 Td ( and 2015, we had floor plan repayments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 649.10 Td (associated with dealership divestitures of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.40 649.10 Td ($31.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.29 649.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.73 649.10 Td ($44.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.62 649.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 396.28 649.10 Td (. ) Tj ET Q q 0 0 0 rg BT 401.10 649.10 Td (There were no repayments related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 637.10 Td (divestitures during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.51 637.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.10 637.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 616.10 Td (Proceeds from borrowings totaled? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.80 616.10 Td ($293.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.69 616.10 Td (, during the year ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.69 616.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.69 616.10 Td (. ) Tj ET Q q 0 0 0 rg BT 439.50 616.10 Td (There were no proceeds from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (borrowings for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.40 604.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.99 604.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.32 604.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.32 604.10 Td (. Repayments of borrowings totaled? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.85 604.10 Td ($52.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.74 604.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.74 604.10 Td ($15.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.63 604.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.44 592.10 Td ($1) Tj ET Q q 0 0 0 rg BT 76.07 592.10 Td (1.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.96 592.10 Td (, for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.81 592.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.40 592.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.40 592.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.40 592.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.33 592.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.33 592.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 402.00 592.10 Td (. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.13 592.10 Td (December?1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 580.10 Td ( we repaid three mortgages prior to their maturity date for a total of $36.6 million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 559.10 Td (During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.55 559.10 Td (year ended December 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.21 559.10 Td (, we repurchased a total of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.22 559.10 Td (584,696) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.72 559.10 Td ( shares of our common stock under our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 547.10 Td (Repurchase Program for a total of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.79 547.10 Td ($34.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.68 547.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.12 547.10 Td (74,670) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.62 547.10 Td ( shares of our common stock for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.53 547.10 Td ($4.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.42 547.10 Td ( from employees in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 535.10 Td (connection with a net share settlement feature of employee equity-based awards.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (Off Balance Sheet ) Tj ET Q q 0 0 0 rg BT 128.10 514.10 Td (Arrangements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 493.10 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 493.10 Td (e had no of) Tj ET Q q 0 0 0 rg BT 117.66 493.10 Td (f balance sheet arrangements during any of the periods presented other than those disclosed in Note 18 "Lease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 481.10 Td (Obligations" and Note 19 "Commitments and Contingencies" of the Notes to Consolidated Financial Statements thereto.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (Item 7A. Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 254.31 460.10 Td (es ) Tj ET Q q 0 0 0 rg BT 264.59 460.10 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 439.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 70.98 439.10 Td (est Rate Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 418.10 Td (e are exposed to risk from changes in interest rates on a significant portion of our outstanding indebtedness. Based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td ($718.4 million of total variable interest rate debt, which includes our floor plan notes payable and certain mortgage liabilities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.33 394.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.91 394.10 Td (, a 100 basis point change in interest rates could result in a change of as much as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.98 394.10 Td ($7.2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 382.10 Td ( in annual interest expense.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 361.10 Td (W) Tj ET Q q 0 0 0 rg BT 73.14 361.10 Td (e periodically receive floor plan assistance from certain automobile manufacturers. Floor plan assistance reduced our cost ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 349.10 Td (of sales for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.12 349.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.71 349.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.71 349.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.71 349.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.64 349.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.64 349.10 Td (, by $36.4 million, $35.3 million, and $33.6 million, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 337.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 337.10 Td (. ) Tj ET Q q 0 0 0 rg BT 101.98 337.10 Td (W) Tj ET Q q 0 0 0 rg BT 110.62 337.10 Td (e cannot provide assurance as to the future amount of floor plan assistance and these amounts may be negatively ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 325.10 Td (impacted due to future changes in interest rates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 304.10 Td (As part of our strategy to mitigate our exposure to fluctuations in interest rates, we have various interest rate swap ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 99.48 292.10 Td (All of our interest rate swaps qualify for hedge accounting treatment and do not contain any inef) Tj ET Q q 0 0 0 rg BT 484.73 292.10 Td (fectiveness.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 271.10 Td (In June 2015, we entered into an interest rate swap agreement with a notional principal amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.21 271.10 Td ($100.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.10 271.10 Td (. ) Tj ET Q q 0 0 0 rg BT 519.92 271.10 Td (This swap ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 259.10 Td (was designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in the one month LIBOR ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 247.10 Td (rate, through maturity in February 2025. ) Tj ET Q q 0 0 0 rg BT 213.17 247.10 Td (The notional value of this swap was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.53 247.10 Td ($90.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.42 247.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.86 247.10 Td ($95.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.75 247.10 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 235.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.08 235.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.52 235.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.52 235.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.18 235.10 Td (, and is reducing over its remaining term to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.14 235.10 Td ($53.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.03 235.10 Td ( at maturity) Tj ET Q q 0 0 0 rg BT 494.48 235.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 214.10 Td (In November 2013, we entered into an interest rate swap agreement with a notional principal amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.08 214.10 Td ($75.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.98 214.10 Td (. ) Tj ET Q q 0 0 0 rg BT 538.80 214.10 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (swap was designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in the one month ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (LIBOR rate, through maturity in September 2023. ) Tj ET Q q 0 0 0 rg BT 252.34 190.10 Td (The notional values of this swap as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.19 190.10 Td (December?1, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.78 190.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.22 190.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.22 190.10 Td (, were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td ($60.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.39 178.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.83 178.10 Td ($64.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.72 178.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 229.38 178.10 Td (, and the notional value will reduce over its remaining term to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.03 178.10 Td ($38.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.92 178.10 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 82.73 166.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 145.10 Td (For additional information about the ef) Tj ET Q q 0 0 0 rg BT 218.62 145.10 Td (fect of our derivative instruments on the accompanying Consolidated Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 133.10 Td (Statements, see Note 14 "Financial Instruments and Fair ) Tj ET Q q 0 0 0 rg BT 276.97 133.10 Td (V) Tj ET Q q 0 0 0 rg BT 283.08 133.10 Td (alue" of the Notes thereto. ) Tj ET Q endstream endobj 115 0 obj <><><><><><><><><><><><><><><>] /Rotate 0 /Contents 116 0 R>> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 744.75 Td (Item 8. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 744.75 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.15 720.75 Td (INDEX ) Tj ET Q q 0 0 0 rg BT 210.70 720.75 Td (T) Tj ET Q q 0 0 0 rg BT 217.19 720.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 287.29 720.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 366.47 720.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 380.46 720.75 Td (A) Tj ET Q q 0 0 0 rg BT 386.94 720.75 Td (TEMENTS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 682.25 m 561.5 682.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 685.82 Td (? Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.20 685.98 Td (Page) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 671.4833984375 m 289.734375 671.4833984375 l s q 0 0 1 rg BT 52.00 672.82 Td (Reports of Independent Registered Public ) Tj ET Q q 0 0 1 rg BT 221.13 672.82 Td (Accounting Firm) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 642.4833984375 m 310.2666015625 642.4833984375 l s q 0 0 1 rg BT 52.00 643.82 Td (Consolidated Balance Sheets as of December?1, 2017 and 2016) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 613.4833984375 m 423.865234375 613.4833984375 l s q 0 0 1 rg BT 52.00 614.82 Td (Consolidated Statements of Income for the ) Tj ET Q q 0 0 1 rg BT 225.48 614.82 Td (Y) Tj ET Q q 0 0 1 rg BT 231.70 614.82 Td (ears Ended December?1, 2017, 2016, and 2015) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 584.4833984375 m 489.12890625 584.4833984375 l s q 0 0 1 rg BT 52.00 585.82 Td (Consolidated Statements of Comprehensive Income for the ) Tj ET Q q 0 0 1 rg BT 290.74 585.82 Td (Y) Tj ET Q q 0 0 1 rg BT 296.96 585.82 Td (ears Ended December 31, 2017, 2016, and 2015) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 556.4833984375 m 479.5537109375 556.4833984375 l s q 0 0 1 rg BT 52.00 557.82 Td (Consolidated Statements of Shareholders' Equity for the ) Tj ET Q q 0 0 1 rg BT 278.67 557.82 Td (Y) Tj ET Q q 0 0 1 rg BT 284.89 557.82 Td (ears Ended December?31, 2017, 2016, and 2015) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 527.4833984375 m 440.8330078125 527.4833984375 l s q 0 0 1 rg BT 52.00 528.82 Td (Consolidated Statements of Cash Flows for the ) Tj ET Q q 0 0 1 rg BT 242.44 528.82 Td (Y) Tj ET Q q 0 0 1 rg BT 248.67 528.82 Td (ears Ended December?1, 2017, 2016, and 2015) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 498.4833984375 m 226.9755859375 498.4833984375 l s q 0 0 1 rg BT 52.00 499.82 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 526.5 671.4833984375 m 536.5 671.4833984375 l s q 0 0 1 rg BT 526.50 672.82 Td (58) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 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0 0 0 rg BT 170.05 744.75 Td (T) Tj ET Q q 0 0 0 rg BT 176.54 744.75 Td ( OF) Tj ET Q q 0 0 0 rg BT 192.55 744.75 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 267.66 744.75 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 377.97 744.75 Td (ACCOUNTING FIRM) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 720.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 720.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 94.49 720.75 Td (of ) Tj ET Q q 0 0 0 rg BT 105.32 720.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 145.02 720.75 Td (and ) Tj ET Q q 0 0 0 rg BT 161.96 720.75 Td (Shareholders ) Tj ET Q q 0 0 0 rg BT 216.67 720.75 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Asbury ) Tj ET Q q 0 0 0 rg BT 80.89 708.75 Td (Automotive ) Tj ET Q q 0 0 0 rg BT 131.17 708.75 Td (Group, ) Tj ET Q q 0 0 0 rg BT 161.72 708.75 Td (Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 676.75 Td (Opinion on the Financial Statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 656.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 656.75 Td (e have audited the accompanying consolidated balance sheets of ) Tj ET Q q 0 0 0 rg BT 317.21 656.75 Td (Asbury ) Tj ET Q q 0 0 0 rg BT 348.60 656.75 Td (Automotive Group, Inc. as of December 31, 2017 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 644.75 Td (and 2016, the related consolidated statements of income, comprehensive income, shareholders' equity and cash flows for each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 632.75 Td (of the three years in the period ended December 31, 2017, and the related notes \(collectively referred to as the “financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 620.75 Td (statements”\). In our opinion, the financial statements present fairly) Tj ET Q q 0 0 0 rg BT 315.99 620.75 Td (, in all material respects, the consolidated financial position ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 608.75 Td (of the Company at December 31, 2017 and 2016, and the consolidated results of its operations and its cash flows for each of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 596.75 Td (three years in the period ended December 31, 2017, in conformity with U.S. generally accepted accounting principles.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 576.75 Td (e also have audited, in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 366.94 576.75 Td (Accounting Oversight Board \(United States\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (\(PCAOB\), the Company's internal control over financial reporting as of December 31, 2017, based on criteria established in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (Internal Control-Integrated Framework issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 379.53 552.75 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 452.94 552.75 Td (T) Tj ET Q q 0 0 0 rg BT 458.69 552.75 Td (readway Commission ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (\(2013 framework\) and our report dated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.33 540.75 Td (February?7, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.93 540.75 Td ( expressed an unqualified opinion thereon.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.75 Td (Basis for) Tj ET Q q 0 0 0 rg BT 86.82 520.75 Td ( Opinion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 500.75 Td (These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 488.75 Td (the Company? Tj ET Q q 0 0 0 rg BT 105.88 488.75 Td (s financial statements based on our audits. ) Tj ET Q q 0 0 0 rg BT 276.77 488.75 Td (W) Tj ET Q q 0 0 0 rg BT 285.41 488.75 Td (e are a public accounting firm registered with the PCAOB and are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 476.75 Td (required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 464.75 Td (rules and regulations of the Securities and Exchange Commission and the PCAOB.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 444.75 Td (e conducted our audits in accordance with the standards of the PCAOB. ) Tj ET Q q 0 0 0 rg BT 347.60 444.75 Td (Those standards require that we plan and perform the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 372.75 Td (presentation of the financial statements. ) Tj ET Q q 0 0 0 rg BT 210.93 372.75 Td (W) Tj ET Q q 0 0 0 rg BT 219.57 372.75 Td (e believe that our audits provide a reasonable basis for our opinion. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 352.75 Td (/s/ Ernst & ) Tj ET Q q 0 0 0 rg BT 94.96 352.75 Td (Y) Tj ET Q q 0 0 0 rg BT 101.18 352.75 Td (oung LLP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 332.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 332.75 Td (e have served as the Company? Tj ET Q q 0 0 0 rg BT 182.26 332.75 Td (s auditor since 2008. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 312.75 Td (Atlanta, Geor) Tj ET Q q 0 0 0 rg BT 103.74 312.75 Td (gia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (February?7, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.10 300.75 Td ( ) Tj ET Q endstream endobj 119 0 obj <>] /Rotate 0 /Contents 120 0 R>> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.40 744.75 Td (REPOR) Tj ET Q q 0 0 0 rg BT 170.05 744.75 Td (T) Tj ET Q q 0 0 0 rg BT 176.54 744.75 Td ( OF) Tj ET Q q 0 0 0 rg BT 192.55 744.75 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 267.66 744.75 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 377.97 744.75 Td (ACCOUNTING FIRM) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 720.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 720.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 94.49 720.75 Td (of ) Tj ET Q q 0 0 0 rg BT 105.32 720.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 145.02 720.75 Td (and ) Tj ET Q q 0 0 0 rg BT 161.96 720.75 Td (Shareholders ) Tj ET Q q 0 0 0 rg BT 216.67 720.75 Td (of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Asbury ) Tj ET Q q 0 0 0 rg BT 80.89 708.75 Td (Automotive ) Tj ET Q q 0 0 0 rg BT 131.17 708.75 Td (Group, ) Tj ET Q q 0 0 0 rg BT 161.72 708.75 Td (Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (Opinion on Internal Contr) Tj ET Q q 0 0 0 rg BT 162.95 672.75 Td (ol over) Tj ET Q q 0 0 0 rg BT 191.93 672.75 Td ( Financial Reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 652.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 652.75 Td (e have audited ) Tj ET Q q 0 0 0 rg BT 117.83 652.75 Td (Asbury ) Tj ET Q q 0 0 0 rg BT 149.23 652.75 Td (Automotive Group, Inc.? Tj ET Q q 0 0 0 rg BT 248.10 652.75 Td (s internal control over financial reporting as of December 31, 2017, based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 640.75 Td (criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 467.55 640.75 Td (ganizations of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 628.75 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 628.75 Td (readway Commission \(2013 framework\) \(the COSO criteria\). In our opinion, ) Tj ET Q q 0 0 0 rg BT 365.75 628.75 Td (Asbury ) Tj ET Q q 0 0 0 rg BT 397.14 628.75 Td (Automotive Group, Inc. \(the Company\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 616.75 Td (maintained, in all material respects, ef) Tj ET Q q 0 0 0 rg BT 201.76 616.75 Td (fective internal control over financial reporting as of December 31, 2017, based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 604.75 Td (COSO criteria. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 584.75 Td (As indicated in the accompanying Management? Tj ET Q q 0 0 0 rg BT 243.05 584.75 Td (s Report on Internal Control Over Financial Reporting, management? Tj ET Q q 0 0 0 rg BT 519.37 584.75 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 572.75 Td (assessment of and conclusion on the ef) Tj ET Q q 0 0 0 rg BT 204.84 572.75 Td (fectiveness of internal control over financial reporting did not include the internal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 560.75 Td (controls of two franchises acquired during 2017, which are included in the 2017 consolidated financial statements of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 548.75 Td (Company and constituted $64.0 million of consolidated assets as of December 31, 2017 and $136.0 million of consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 536.75 Td (revenues for the year then ended. Our audit of internal control over financial reporting of the Company also did not include an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 524.75 Td (evaluation of the internal control over financial reporting of the two franchises.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 504.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 504.75 Td (e also have audited, in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 366.94 504.75 Td (Accounting Oversight Board \(United States\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (\(PCAOB\), the consolidated balance sheets of ) Tj ET Q q 0 0 0 rg BT 232.51 492.75 Td (Asbury ) Tj ET Q q 0 0 0 rg BT 263.90 492.75 Td (Automotive Group, Inc. as of December 31, 2017 and 2016, the related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (consolidated statements of income, comprehensive income, shareholders' equity and cash flows for each of the three years in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (the period ended December 31, 2017, and the related notes and our report dated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.49 468.75 Td (February?7, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.09 468.75 Td ( expressed an unqualified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (opinion thereon. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.75 Td (Basis for) Tj ET Q q 0 0 0 rg BT 86.82 436.75 Td ( Opinion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 416.75 Td (The Company? Tj ET Q q 0 0 0 rg BT 109.21 416.75 Td (s management is responsible for maintaining ef) Tj ET Q q 0 0 0 rg BT 298.43 416.75 Td (fective internal control over financial reporting and for its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 404.75 Td (assessment of the ef) Tj ET Q q 0 0 0 rg BT 129.57 404.75 Td (fectiveness of internal control over financial reporting included in the accompanying Management? Tj ET Q q 0 0 0 rg BT 525.82 404.75 Td (s Report ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 392.75 Td (on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company? Tj ET Q q 0 0 0 rg BT 476.66 392.75 Td (s internal control ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 380.75 Td (over financial reporting based on our audit. ) Tj ET Q q 0 0 0 rg BT 224.82 380.75 Td (W) Tj ET Q q 0 0 0 rg BT 233.46 380.75 Td (e are a public accounting firm registered with the PCAOB and are required to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 368.75 Td (independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 356.75 Td (regulations of the Securities and Exchange Commission and the PCAOB. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 336.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 336.75 Td (e conducted our audit in accordance with the standards of the PCAOB. ) Tj ET Q q 0 0 0 rg BT 343.71 336.75 Td (Those standards require that we plan and perform the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.75 Td (audit to obtain reasonable assurance about whether ef) Tj ET Q q 0 0 0 rg BT 263.40 324.75 Td (fective internal control over financial reporting was maintained in all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 312.75 Td (material respects.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 292.75 Td (Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 280.75 Td (weakness exists, testing and evaluating the design and operating ef) Tj ET Q q 0 0 0 rg BT 316.47 280.75 Td (fectiveness of internal control based on the assessed risk, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 268.75 Td (performing such other procedures as we considered necessary in the circumstances. ) Tj ET Q q 0 0 0 rg BT 385.86 268.75 Td (W) Tj ET Q q 0 0 0 rg BT 394.50 268.75 Td (e believe that our audit provides a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 256.75 Td (reasonable basis for our opinion. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.75 Td (Definition and Limitations of Internal Contr) Tj ET Q q 0 0 0 rg BT 239.05 236.75 Td (ol Over) Tj ET Q q 0 0 0 rg BT 270.80 236.75 Td ( Financial Reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 216.75 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 216.75 Td ( company? Tj ET Q q 0 0 0 rg BT 98.10 216.75 Td (s internal control over financial reporting is a process designed to provide reasonable assurance regarding the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 204.75 Td (reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 192.75 Td (accepted accounting principles. ) Tj ET Q q 0 0 0 rg BT 177.22 192.75 Td (A) Tj ET Q q 0 0 0 rg BT 183.89 192.75 Td ( company? Tj ET Q q 0 0 0 rg BT 225.83 192.75 Td (s internal control over financial reporting includes those policies and procedures ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 180.75 Td (that \(1\) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 168.75 Td (dispositions of the assets of the company; \(2\) provide reasonable assurance that transactions are recorded as necessary to permit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 156.75 Td (preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 144.75 Td (expenditures of the company are being made only in accordance with authorizations of management and directors of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 132.75 Td (company; and \(3\) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 120.75 Td (disposition of the company? Tj ET Q q 0 0 0 rg BT 160.88 120.75 Td (s assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 306.47 120.75 Td (fect on the financial statements. ) Tj ET Q endstream endobj 121 0 obj <>] /Rotate 0 /Contents 122 0 R>> endobj 122 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. ) Tj ET Q q 0 0 0 rg BT 517.70 744.60 Td (Also, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 732.60 Td (projections of any evaluation of ef) Tj ET Q q 0 0 0 rg BT 186.77 732.60 Td (fectiveness to future periods are subject to the risk that controls may become inadequate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 720.60 Td (because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 700.60 Td (/s/ Ernst & ) Tj ET Q q 0 0 0 rg BT 94.96 700.60 Td (Y) Tj ET Q q 0 0 0 rg BT 101.18 700.60 Td (oung LLP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 676.60 Td (Atlanta, Geor) Tj ET Q q 0 0 0 rg BT 103.74 676.60 Td (gia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 664.60 Td (February?7, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.10 664.60 Td ( ) Tj ET Q endstream endobj 123 0 obj <>] /Rotate 0 /Contents 124 0 R>> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.85 744.75 Td (ASBUR) Tj ET Q q 0 0 0 rg BT 251.39 744.75 Td (Y) Tj ET Q q 0 0 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59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 531.25 387.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 531.25 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 531.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 531.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 503.25 387.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 503.25 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 503.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 503.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 475.25 387.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 475.25 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 475.25 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 475.25 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 448.25 387.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 448.25 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 448.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 448.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 420.25 387.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 420.25 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 420.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 420.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 392.25 387.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 392.25 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 392.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 392.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 364.25 387.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 364.25 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 364.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 364.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 336.25 387.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 336.25 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 336.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 336.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 308.25 387.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 308.25 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 308.25 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 308.25 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 259.25 387.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 259.25 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 259.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 259.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 231.25 387.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 231.25 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 231.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 231.25 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 203.25 387.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 203.25 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 203.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 203.25 59.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 684.25 m 500 684.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 684.25 m 504 684.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 684.25 m 563 684.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 684.25 m 500 684.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 670.25 m 500 670.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 684.25 m 563 684.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 670.25 m 563 670.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 559.25 m 500 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 559.25 m 563 559.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 489.25 m 500 489.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 489.25 m 563 489.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 476.25 m 500 476.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 474.25 m 500 474.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 476.25 m 563 476.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 474.25 m 563 474.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 392.25 m 500 392.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 392.25 m 563 392.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 203.25 m 500 203.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 203.25 m 563 203.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 189.25 m 500 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 189.25 m 563 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 176.25 m 500 176.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 174.25 m 500 174.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 176.25 m 563 176.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 174.25 m 563 174.25 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.30 688.70 Td (As of December) Tj ET Q q 0 0 0 rg BT 523.19 688.70 Td ( 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 674.71 Td (? Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.00 674.70 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.00 674.70 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.35 660.98 Td (ASSETS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 647.82 Td (CURRENT) Tj ET Q q 0 0 0 rg BT 99.08 647.82 Td ( ) Tj ET Q q 0 0 0 rg BT 101.21 647.82 Td (ASSETS:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 633.82 Td (Cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.50 633.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 633.82 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.50 633.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.65 633.82 Td (3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 619.82 Td (Contracts-in-transit, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 619.82 Td (193.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 619.82 Td (182.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 605.82 Td (Accounts receivable, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 605.82 Td (128.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 605.82 Td (138.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 591.82 Td (Inventories, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 591.82 Td (826.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 591.82 Td (894.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 577.82 Td (Assets held for sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 577.82 Td (30.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 577.82 Td (16.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 563.82 Td (Other current assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 563.82 Td (1) Tj ET Q q 0 0 0 rg BT 478.65 563.82 Td (19.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 563.82 Td (97.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 549.82 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 549.82 Td (otal current assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 549.82 Td (1,302.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.15 549.82 Td (1,332.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 535.82 Td (PROPER) Tj ET Q q 0 0 0 rg BT 89.99 535.82 Td (TY) Tj ET Q q 0 0 0 rg BT 102.84 535.82 Td ( ) Tj ET Q q 0 0 0 rg BT 104.88 535.82 Td (AND EQUIPMENT) Tj ET Q q 0 0 0 rg BT 186.17 535.82 Td (, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 535.82 Td (834.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 535.82 Td (815.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 521.82 Td (GOODWILL) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 521.82 Td (160.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 521.82 Td (128.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 507.82 Td (INT) Tj ET Q q 0 0 0 rg BT 68.76 507.82 Td (ANGIBLE FRANCHISE RIGHTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 507.82 Td (49.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 507.82 Td (48.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 493.82 Td (OTHER LONG-TERM ) Tj ET Q q 0 0 0 rg BT 149.44 493.82 Td (ASSETS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 493.82 Td (10.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 493.82 Td (1) Tj ET Q q 0 0 0 rg BT 546.65 493.82 Td (1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 479.82 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 479.82 Td (otal assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.50 479.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 479.82 Td (2,356.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.50 479.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.15 479.82 Td (2,336.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.20 465.98 Td (LIABILITIES ) Tj ET Q q 0 0 0 rg BT 198.85 465.98 Td (AND SHAREHOLDERS' EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 452.82 Td (CURRENT) Tj ET Q q 0 0 0 rg BT 99.08 452.82 Td ( LIABILITIES:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 438.82 Td (Floor plan notes payable—trade, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.50 438.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 438.82 Td (104.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.50 438.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 438.82 Td (108.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 424.82 Td (Floor plan notes payable—non-trade, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 424.82 Td (627.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 424.82 Td (673.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 410.82 Td (Current maturities of long-term debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 410.82 Td (12.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 410.82 Td (14.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 396.82 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 396.82 Td (313.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 396.82 Td (309.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 382.82 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 382.82 Td (otal current liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 382.82 Td (1,058.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.15 382.82 Td (1,104.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 368.82 Td (LONG-TERM DEBT) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 368.82 Td (862.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 368.82 Td (912.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 354.82 Td (DEFERRED INCOME ) Tj ET Q q 0 0 0 rg BT 148.52 354.82 Td (T) Tj ET Q q 0 0 0 rg BT 154.14 354.82 Td (AXES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 354.82 Td (12.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.65 354.82 Td (8.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 340.82 Td (OTHER LONG-TERM LIABILITIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 340.82 Td (29.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 340.82 Td (29.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 326.82 Td (COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 129.45 326.82 Td (AND CONTINGENCIES \(Note 19\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 312.82 Td (SHAREHOLDERS' EQUITY) Tj ET Q q 0 0 0 rg BT 171.99 312.82 Td (:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 298.82 Td (Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 288.82 Td (outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.15 287.92 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 287.92 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 273.82 Td (Common stock, $.01 par value, 90,000,000 shares authorized; 40,969,987) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 263.82 Td (and?0,750,765 shares issued, including shares held in treasury) Tj ET Q q 0 0 0 rg BT 328.07 263.82 Td (, respectively) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 263.92 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.65 263.92 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 249.82 Td (Additional paid-in capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 249.82 Td (563.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 249.82 Td (549.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 235.82 Td (Retained earnings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 235.82 Td (750.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 235.82 Td (61) Tj ET Q q 0 0 0 rg BT 546.65 235.82 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 221.82 Td (T) Tj ET Q q 0 0 0 rg BT 82.26 221.82 Td (reasury stock, at cost; 20,156,962 and 19,497,596 shares, respectively) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.30 221.87 Td (\(919.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.15 221.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.30 221.87 Td (\(879.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.15 221.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 207.82 Td (Accumulated other comprehensive loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.30 207.87 Td (\(0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.15 207.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.30 207.87 Td (\(2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.15 207.82 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 193.82 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 193.82 Td (otal shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 193.82 Td (394.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 193.82 Td (279.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 179.82 Td (T) Tj ET Q q 0 0 0 rg BT 105.91 179.82 Td (otal liabilities and shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.50 179.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 179.82 Td (2,356.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.50 179.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.15 179.82 Td (2,336.1) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.60 47.75 Td (See accompanying Notes to Consolidated Financial Statements) Tj ET Q endstream endobj 125 0 obj <>] /Rotate 0 /Contents 126 0 R>> endobj 126 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 771.18505859375 m 125.1953125 771.18505859375 l s q 0 0 1 rg BT 50.00 772.75 Td (T) Tj ET Q q 0 0 1 rg BT 55.75 772.75 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.85 744.75 Td (ASBUR) Tj ET Q q 0 0 0 rg BT 251.39 744.75 Td (Y) Tj ET Q q 0 0 0 rg BT 258.25 744.75 Td ( ) Tj ET Q q 0 0 0 rg BT 260.19 744.75 Td (AUT) Tj ET Q q 0 0 0 rg BT 281.13 744.75 Td (OMOTIVE GROUP) Tj ET Q q 0 0 0 rg BT 368.27 744.75 Td (, INC.) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 470.02 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 457.02 Td (Other operating expense \(income\), net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 457.02 Td (1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.30 457.07 Td (\(2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.15 457.02 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.30 457.07 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.15 457.02 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 444.02 Td (INCOME FROM OPERA) Tj ET Q q 0 0 0 rg BT 157.52 444.02 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 444.02 Td (287.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 444.02 Td (297.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 444.02 Td (301.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 431.07 Td (OTHER EXPENSES \(INCOME\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 420.02 Td (Floor plan interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 420.02 Td (22.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 420.02 Td (19.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 420.02 Td (16.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 407.02 Td (Other interest expense, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 407.02 Td (53.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 407.02 Td (53.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 407.02 Td (44.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 394.02 Td (Swap interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 394.02 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 394.02 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.65 394.02 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 381.02 Td (Gain on divestitures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.15 381.02 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.30 381.07 Td (\(45.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.15 381.02 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.30 381.07 Td (\(34.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.15 381.02 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.50 368.02 Td (T) Tj ET Q q 0 0 0 rg BT 106.26 368.02 Td (otal other expenses, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 368.02 Td (78.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 368.02 Td (30.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 368.02 Td (28.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 355.02 Td (INCOME FROM CONTINUING OPERA) Tj ET Q q 0 0 0 rg BT 222.79 355.02 Td (TIONS BEFORE INCOME ) Tj ET Q q 0 0 0 rg BT 336.87 355.02 Td (T) Tj ET Q q 0 0 0 rg BT 342.49 355.02 Td (AXES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 354.12 Td (209.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 354.12 Td (267.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 354.12 Td (273.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 340.02 Td (Income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 340.02 Td (70.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 340.02 Td (100.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 340.02 Td (104.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 327.02 Td (INCOME FROM CONTINUING OPERA) Tj ET Q q 0 0 0 rg BT 222.79 327.02 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 327.02 Td (139.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 327.02 Td (167.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 327.02 Td (169.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 314.02 Td (Discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.15 314.02 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.15 314.02 Td (? Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.30 314.07 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.15 314.02 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 301.02 Td (NET) Tj ET Q q 0 0 0 rg BT 71.85 301.02 Td ( INCOME) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.50 301.02 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 301.02 Td (139.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.50 301.02 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 301.02 Td (167.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.50 301.02 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 301.02 Td (169.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 288.02 Td (EARNINGS PER COMMON SHARE:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 275.02 Td (Basic? 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